NEWS DIGEST

Click On The Pictures For The Full Story

CAZOO has merged all its share capital in the latest round of its fight to stay financially healthy. The reverse stock split was given the go-ahead by more than 95 per cent of the board of directors and involves the issued and unissued share capital being merged into fewer shares at a higher price.

It has consolidated them at a ratio of 1-for-20 and is doing so as its share price has been consistently below the $1 threshold set by the NYSE, where it floated in 2021.

Premier position for new showroom

THE Sinclair Group is giving a new year boost to a hospice that cares for children and their families. Wales’s biggest motor retail group has pledged to donate £10 to Tŷ Hafan from every used car that it sells between January and March. Richard Seaward, Sinclair’s head of strategic development, pictured with Tŷ Hafan corporate partnerships manager Kelly Dibble, said: ‘Tŷ Hafan is renowned for the fantastic paediatric palliative care that they deliver to families during what are incredibly difficult times.’ It follows the hospice receiving more than £5,000 from over 500 vehicles sold by the group in December 2021.

World record claim over £8.7m Bugatti

PREMIER Car Supermarket has opened a new showroom in Kettering.

The used car dealership at Cransley Park includes a sales building with a workshop and repair bay plus car wash. There is also customer and visitor parking on the 3.55-acre site.

It joins sister dealerships in Leicester and Derby, and chief executive Neil Chapman said: ‘We are delighted to bring this growing brand to a new store in Kettering. The new site is in a great location.’

LUXURY auction house RM Sotheby’s says it has achieved a new world record after selling a Bugatti Chiron Profilée in Paris for a jaw-dropping price of €9.8m (£8.73m).

The price, which includes the buyer’s premium, makes the Bugatti the most expensive new car sold at auction. The figure also makes the Profilée one of the most expensive Bugattis ever sold.

A percentage of the proceeds will go to charitable causes.

CLOSURE

5,000 Autovogue blames JLR as it shuts doors

USED car dealer Autovogue has blamed ‘failing used Jaguar Land Rover vehicles’ as one of the main reasons for it closing after 30 years.

The business in Stableford, Staffordshire, claimed it spent £198,000 repairing JLR products last year. In a statement on its website, it said that ‘with deep regret’ it had ‘ceased trading’, highlighting ‘the poor manufacture of’ JLR vehicles, with many of them failing after less than 10,000 miles.