New-start online retailer Cazoo has bought Imperial Car Supermarket for an undisclosed sum.
The move takes Cazoo from being an online-only, home delivery, retailer to being a more traditional used car dealer.
A spokesman for Cazoo said: “The deal, which combines Cazoo’s leading digital capabilities and platform with Imperial’s extensive infrastructure and expertise, will accelerate the transformation of the UK used car market by providing Cazoo with a national network of storage, distribution, after sales and collection hubs.
“In the past month, Cazoo has raised a further £25 million of funding, joining the exclusive list of companies known as unicorns with valuations of over $1 billion [£800m], announced two major football sponsorship deals with Everton and Aston Villa and appointed Stephen Morana as its chief financial officer.”
Alex Chesterman OBE, founder & CEO of Cazoo, said: “The acquisition of Imperial Car Supermarkets will enable Cazoo to better serve its customers and fulfill our increasing number of deliveries throughout the UK. This deal provides us with key infrastructure as well as a wealth of automotive expertise which will help accelerate our growth. Imperial has a highly dedicated team and I am delighted to welcome them to Cazoo along with Mike, Jon and Scott [Imperial Cars founders], who will take up key management positions with us.”
Neil Smith, operations director of Imperial Cars, added: “Jon, Scott and Mike are rightly proud of what they’ve achieved over the past 15 years with Imperial Car Supermarkets. They’ve built a great team and excellent infrastructure network and it’s now time for another exciting chapter in our journey. Alex and his team at Cazoo have a very clear vision and we’re looking forward to Imperial being part of that story and creating the best possible digital car buying experience for consumers across the country.”
[source: Auto Retail Agenda online]