Cazoo Group Ltd (NYSE:CZOO) brand and marketplace arm is on the verge of being sold to privately owned Motors.co.uk, according to reports over the weekend.
The online car dealer and former SPAC crashed spectacularly into administration last month having been valued at more than US$8bn when it initially floated in the US.
No price was mentioned, but Sky News reported it would be a ‘significant discount’ to Cazzo's spending on widespread sports sponsorships, which included the Hundred cricket competition, premier league club Aston Villa and darts and snooker events.
In March, the company sold off its remaining stock and switched to a new online marketplace model, allowing used car dealers to list vehicles for sale on its platform, and wound down its European business.
Administrator Teneo has sold several of its businesses since taking over, including its wholesale arm while rival Cinch has picked up other parts of the business.
Cazoo said last month: "Our new marketplace model, where consumers can both buy and sell cars, is revenue-generating and performing ahead of expectations with interest from almost 100 car dealers including many household names wishing to trade on the Cazoo platform."