Online only used car start up Cazoo has acquired Imperial Car Supermarkets, one of the largest independent used car retailers in the UK. Terms of the deal have not been disclosed.
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Online retailer Cazoo buys bricks and mortar firm, Imperial[/caption]
The deal, which combines Cazoo’s online platform with Imperial's infrastructure, will accelerate the transformation of the UK used car market by providing the dot com retailer with a national network of storage, distribution, after sales and collection hubs.
Alex Chesterman OBE, Founder & CEO of Cazoo said:“The acquisition of Imperial Car Supermarkets will enable Cazoo to better serve its customers and fulfill our increasing number of deliveries throughout the UK. This deal provides us with key infrastructure as well as a wealth of automotive expertise which will help accelerate our growth. Imperial has a highly dedicated team and I am delighted to welcome them to Cazoo along with Mike, Jon and Scott, who will take up key management positions with us.”
Recently, Cazoo raised an extra £25m of funding, joining a list of startup companies known as 'unicorns' with valuations of over $1 billion.
this has 'disaster' written all over it surely? One debt riddled company with a return on sales of less than 1%. Acquired by a recent start up with massive borrowings and spend, where high profile directors have just resigned.
Good luck.