In the grip of serious financial difficulties, Cazoo, the British online car sales company, plans very simply to “revisit” its strategy on its activities in continental Europe while refocusing on the British market. Not really good news for the French Open, scheduled between September 22 and 25 at Le Golf National, of which Cazoo is none other than the main sponsor.
Will Cazoo still be the title sponsor of theFrench Open at the end of September national golf ? The question deserves to be asked. Early June, Alex Chestermanfounder in 2018 of this British company specializing in the sale of second-hand cars online after having refurbished them, has indeed sounded the alarm.
He would thus have warned that the preservation of liquidity was becoming “ the company’s priority, ahead of growth “, while providing for a plan of 750 licensees. As the report The echoes in an article dated August 4, 2022, Chesterman went even further earlier this week by announcing “ a complete strategic review of the activities in continental Europe, in order to continue to reduce our consumption of cash. He now intends to focus on the UK market and achieve full profitability there.
290 million euros loss in one year
With a share price at Wall Street which tumbled in one year from 10 to 1 dollar and a fundraising of 630 million euros at the start of the year, the company’s liquidity continued to decline rapidly. We are talking about a loss of 290 million euros in twelve months. All of this barely a year after lifting the New York stock market $1.6 billion. Funds that have enabled it to develop its domestic market but also to establish itself in Germany, France, Spain and Italy.
The brand also bet on sports sponsorship, becoming the main title sponsor of the national team of wales rugbyfootball clubsAstonVilla and Everton in England, from Valence and some Real Sociedad in Spain, from bologna in Italy and Freiburg in Germany. It is also the jersey sponsor of the clubs of Lille and of Marseilles. So many ramifications that could disappear in the coming months.
Title partner on three DP World Tour tournaments
Golf is not to be outdone since Cazoo, strongly involved in this sport, is the title sponsor of three tournaments on the DP World Tour this season. the Classic Cazoocontested from July 21 to 27 in Southport (England), with a prize pool of 1,750,000 dollars, the Cazoo Open, which is being played this week in Newport (Wales) on the course of the Celtic mansion (same equipment as for the Cazoo Classic), and above all the French Cazoo Open scheduled from September 22 to 25 at the Golf National (3 million euros in prize money).
In the event of a withdrawal, which nevertheless seems unlikely for 2022 given the contractual commitments, it would be a new blow for the oldest golf tournament in continental Europe, canceled for two years due to the pandemic linked to the Covid -19 and who had his status of Rolex Series after the premature departure of its Chinese title sponsor, HNA.
Parity The echoesa spokesperson for the British brand said ” that it is too early to speculate. The review process must take its course, any decisions on changes in our way of working will be taken afterwards. »