CPL 1 Realisations Limited (08526325): administration
- Status
- In administration
- Administration began
- 2024-05-21
- Administrators
- David Philip Soden, Matthew Mawhinney
- Administrators' firm
- Teneo
- Formerly
- Cazoo Properties Limited; Icvm Holdings Limited
- Incorporated
- 2013-05-13
- Location
- Birmingham
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Over-expansion / investment not recovered
- Weak consumer demand
- Rising costs / inflation
- Supply chain disruption
- Property / lease costs
- Rising interest rates
- Competition / price pressure
From the administrators' statement
The Companies form part of a larger group of entities (“the Group”) and were founded in 2018 as an online second-hand car retailer with a mission to transform the car buying and selling experience.
The Group experienced a surge in popularity and growth during the covid pandemic when restrictions forced car buyers to browse and make their purchases online.
The Group expanded operations into Europe with its technology platform available in France, Germany, Spain and Portugal. At its peak, the Group employed over 4,500 staff.
Administrators' statement of proposals (2024-07-17) · Companies House register