UK online car retailer Cazoo Group Ltd announced it has agreed to sell its German subscription business, Cluno GmbH, to ViveLaCar GmbH and The Platform Group GmbH & Co. KG. The financial terms of the transaction were not disclosed. The total portfolio includes several thousand cars in the German market, according to Cazoo.
The sale concludes Cazoo’s withdrawal from the German market as part of its strategy to focus exclusively on the UK market. Cazoo says the agreement includes 100% of the capital and voting rights of the company Cluno GmbH and the Cluno brand, along with the associated assets. All employees of Cluno will transfer to ViveLaCar GmbH as part of the agreement.
For more information, visit www.cazoo.co.uk.