One of Britain’s biggest online used car marketplaces has driven down its losses as one of the co-founders stepped down from the board.
The company’s pre-tax loss for 2023 fell by around a quarter to £31.8m down from £43.2m the previous year. Total revenues grew by 48% to £60.9m for the year, according to accounts filed to Companies House. The company grew its headcount by more than 100 over the period to hit 440 staff.
The stellar results stand in marked contrast to online car marketplace Cazoo, a former rival which collapsed into administration earlier this year after seeing its market value plummet from highs of more than $8bn.
CEO Tom Leathes told UKTN Motorway’s differentiated operating model had been key to its success….