Cazoo stock surges 30% as European withdrawal progresses
Dec. 19, 2022 10:02 AM ETCazoo Group Ltd (CZOO)By: Kevin P. Curran, SA News Editor
Cazoo Group (NYSE:CZOO) shares surged over 30% on Monday, rebounding from an over 36% drop on Friday, as investors parse the company’s plans in Europe.
Last week the company said that it has sold its Spanish subscription business, Swipcar, to Renting Finders S.L. for an undisclosed sum. Management indicated that the move is another step toward fully withdrawing from mainland Europe to focus exclusively on the UK. The company had opened operations in Spain, Germany, France, and Italy in expansion plans prior to pulling back amid concerns about the health of the business.
A timeline for a full withdrawal from Europe is unclear at present.
Shares have declined over 97% in 2022.
Read more on the recent sale of the Italian business.