Recent SPAC lister and leading online car retailer Cazoo has acquired SMH Fleet Solutions for £70 million, effectively doubling its reconditioning, logistics & storage capabilities.
Already having sold over 35,000 cars in the UK since its launch less than two years ago, Cazoo is making its intentions pretty clear, it’s here to dominate the UK automobile market. The SMH acquisition brings over 500 new staff members into the fold, and an impressive track record of more than 70,000 annual vehicle refurbs from more than 6 sites across the UK.
With the ability to prepare and store tens of thousands of cars per year, this acquisition also de-risks Cazoo’s ability to meet demand as it sets its sights on dominating the French and German markets.
The £70 million acquisition was made in cash and is expected to have a little to no impact on Cazoo’s 2021 financial year operating results. In the second fiscal quarter of this financial year alone, the company reported generating £141 million in revenues, a figure up 605% year-on-year.
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