The online car seller Cazoo have announced they are to cut 750 jobs across Europe and the UK and will also slow down on hiring new staff as they look to cut costs by £200m by the end of 2023.
The British company said that they are on a cost saving drive as a result of a recession warning and the “rapid shift in the global economy.”
The bulk of the job losses will be across the UK operations and Italy, France and Germany, as a “business realignment” is needed to protect profits.
Cazoo said, “The company is not immune to the rapid shift in the global economy and the possibility of a recession in the coming months.
“As a result, management’s expectations for the full year are now more cautious, reflecting the weaker and uncertain external environment.”
Cazoo founder and chief executive Alex Chesterman added, “The combination of rising inflation and interest rates with supply chain issues caused by the pandemic and war has driven up the cost of living and hit consumer confidence.
“This perfect storm has placed cash conservation top of mind for the company, ahead of growth.”