Cazoo’s founder has seen his 24.3 per cent stake in the car retailer almost wiped out after the company signed a $630 million debt-for-equity swap that will leave Viking Global Investors, a US fund, as its biggest shareholder.
The company pushed through the swap, first reported by Sky News, with bondholders after its share price dropped below the $1 threshold required for it to retain its place on the New York Stock Exchange.
The share price has slid since Cazoo listed for $7 billion in August 2021. Alex Chesterman, the entrepreneur behind Zoopla and Lovefilm who launched Cazoo in 2018 and remains chairman, sold shares worth £100 million before the market debut.
Cazoo, which buys second-hand cars and vans and inspects them before delivering the
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