Online car giant Cazoo shuts EU operation

UK online used car retailer Cazoo will axe 750 jobs and shut EU activities including sport sponsorships in a cost-cutting overhaul to refocus on key market Britain, it said Thursday.

"Cazoo proposes to wind down operations in mainland Europe to focus on (the) core UK market," it announced in a statement after a strategic review.

And it will curtail sport partnerships in mainland Europe, including shirt deals with French football clubs Lille and Olympique de Marseille.

Cazoo also sponsors Italy's Bologna, Germany's Freiburg and Spain's Valencia football teams, as well as the French Open golf tournament.

"In terms of sports sponsorships, Cazoo has a number of partnerships in mainland Europe and will work with their partners to ensure an orderly wind down of these relationships," a spokesman told AFP.

It had already axed 750 jobs three months ago, faced with soaring costs and the threat of recession.

Cazoo, which is based in Britain but listed on the New York Stock Exchange, has now slashed almost a third of its workforce so far this year.