An online used car dealer which closed its Wiltshire centre last year still faces an uncertain future due to a huge cash crisis.

Cazoo, which previously had a base in Westbury, is struggling to turn assets into cash, and must 'substantially alter, or possibly even discontinue, operations’ if the company doesn't get enough money, a Reuters report has revealed.

The warning was issued less than two weeks after Alex Chesterman, the founder and former CEO of Cazoo, stood down.

"On behalf of the company, I’d like to thank Alex Chesterman and the other retiring board members for their service and guidance since our foundation," said Paul Whitehead, the new CEO of Cazoo.

Swindon Advertiser: Cazoo’s founder and former chief executive officer Alex ChestermanCazoo’s founder and former chief executive officer Alex Chesterman (Image: Freelancer)

The company has been struggling for some time, and in March 2023, Cazoo closed down its vehicle preparation centre in Westbury which left 150 people without jobs.

Many employees had only been at Cazoo for less than two years, and one Westbury employee accused Cazoo senior management of “ruining” what was once a successful and profitable operation.

“The atmosphere is just very sombre. It reminds me of one of those old Westerns with tumbleweed rolling through," the former employee told the Wiltshire Times.

At the end of 2023, the troubled used car dealer's cash equivalents were reported to have dropped by £94.6 million.

"We expect to continue to be impacted by the challenging UK and global macroeconomic environment, which could adversely impact our ability to sustain revenue growth consistent with the past, or at all, over the next twelve months," said a spokesperson for Cazoo in December 2023.