British entrepreneur to make £1.3bn as Cazoo reveals £5bn US listing – live updates
Online car dealer Cazoo has secured a mammoth $7bn (£5bn) valuation in a US listing, netting founder Alex Chesterman an estimated £1.3bn.
The online car seller, which was founded less than two years ago, is to be taken public in a deal with an $800m Special Purpose Acquisition Company. Cazoo lets customers buy cars entirely online which are they delivered to their doorstep.
The deal will add £1.3bn to Mr Chesterman’s wealth by virtue of his roughly 25pc stake in the car company. Other shareholders include the parent company of the Daily Mail.
Elswhere today, Deliveroo has trimmed the top of its listing value amid a revolt by investors.
Good morning. It is a little over 24 months since it was founded, by already Cazoo has blown through all expectations and now is set to join the SPAC mania in the US with a float that will value it at £5bn.
Founded by Alex Chesterman, the Zoopla founder, Cazoo aims to transform how car buying is done online by making the experience entirely virtual – with the car delivered directly to your door.
Cazoo is expecting revenues of $1bn this year and has grown to 1,800 people. It has so far delivered 20,000 cars.
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