Cazoo (CZOOF) 6-K 15 Aug 23 Report of Foreign Private Issuer Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	Cazoo Group Ltd
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001859639
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-40754

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income - GBP (£) £ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	[2]
Profit or loss [abstract]
Revenue	[1]	£ 418,562	£ 583,220
Cost of sales		(395,779)	(577,547)
Gross profit		22,783	5,673
Marketing expenses		(18,803)	(37,463)
Selling and distribution expenses		(34,614)	(51,352)
Administrative expenses		(104,661)	(262,235)
Loss from operations		(135,295)	(345,377)
Finance income		2,671	571
Finance expense		(33,009)	(20,165)
Other income and expenses	[3]	14,378	157,973
Loss before tax		(151,255)	(206,998)
Tax credit			6,319
Loss for the period from continuing operations		(151,255)	(200,679)
Discontinued operations
Profit/(Loss) after tax from discontinued operations		871	(40,779)
Loss for the period		(150,384)	(241,458)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods
Exchange differences on translation of foreign operations		(1,987)	4,031
Total comprehensive loss for the period		£ (152,371)	£ (237,427)
Earnings per share:
Basic loss per ordinary share (in Pounds per share)	[4]	£ (3.9)	£ (6.36)
Diluted loss per ordinary share (in Pounds per share)	[4]	(3.9)	(6.36)
Earnings per share from continuing operations:
Basic loss per ordinary share from continuing operations (in Pounds per share)	[4]	(3.92)	(5.29)
Diluted loss per ordinary share from continuing operations (in Pounds per share)	[4]	£ (3.92)	£ (5.29)
[1] Revenue excludes £nil of sales where Cazoo sold vehicles as an agent for third parties and only the net commission received from those sales is recorded within revenue (six months ended June 30, 2022: £1.9 million). The H1 2022 reporting period has been restated to show the EU segment as a discontinued operation. Other income and expenses includes fair value movement in the Convertible Notes, embedded derivative and warrants, and foreign exchange movements. The Basic and diluted loss per ordinary share has been adjusted retrospectively for the reverse stock split which became effective on February 8, 2023. See Note 15 for further details on the reverse stock split.

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statement of Financial Position - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	£ 53,740	£ 122,713
Right-of-use assets	95,839	118,814
Intangible assets	16,980	16,369
Trade and other receivables	6,018	6,500
Non-current assets	172,577	264,396
Current assets
Inventory	130,119	232,565
Trade and other receivables	31,069	56,259
Cash and cash equivalents	194,578	245,879
Other current assets	355,766	534,703
Assets held for sale		65,805
Total current assets	355,766	600,508
Total assets	528,343	864,904
Current liabilities
Trade and other payables	55,190	68,201
Loans and borrowings	84,137	178,084
Convertible Notes and embedded derivative	1,248	1,301
Lease liabilities	17,972	28,596
Provisions	9,436	26,538
Other current liabilities	167,983	302,720
Liabilities directly associated with the assets held for sale		39,602
Total Current liabilities	167,983	342,322
Non-current liabilities
Loans and borrowings	2,338	4,113
Convertible Notes and embedded derivative	354,147	347,739
Warrants	16	515
Lease liabilities	76,056	88,864
Provisions	5,736	8,752
Deferred tax
Total non-current liabilities	438,293	449,983
Total liabilities	606,276	792,305
Net (liabilities)/assets	(77,933)	72,599
Share capital	55	55
Share premium	925,637	925,637
Merger reserve	420,834	420,834
Retained earnings	(1,427,344)	(1,278,799)
Foreign currency translation reserve	2,885	4,872
Total equity	£ (77,933)	£ 72,599

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statement of Changes in Equity - GBP (£) £ in Thousands	Share capital	Share premium	Merger reserve	Retained earnings	Foreign currency translation reserve	Total
Beginning balance at Dec. 31, 2021	£ 55	£ 902,586	£ 420,834	£ (611,209)	£ (1,577)	£ 710,689
Comprehensive loss for the period
Loss for the period				(241,458)		(241,458)
Other comprehensive income					4,031	4,031
Total comprehensive loss				(241,458)	4,031	(237,427)
Contributions by and distributions to owners
Acquisition of subsidiaries		23,051				23,051
Contributions by and distributions to owners
Share-based payments				34,590		34,590
Taxation recognized directly in equity				(7,426)		(7,426)
Ending balance at Jun. 30, 2022	55	925,637	420,834	(825,503)	2,454	523,477
Beginning balance at Dec. 31, 2022	55	925,637	420,834	(1,278,799)	4,872	72,599
Comprehensive loss for the period
Loss for the period				(150,384)		(150,384)
Other comprehensive income					(1,987)	(1,987)
Total comprehensive loss				(150,384)	(1,987)	(152,371)
Contributions by and distributions to owners
Share-based payments				1,839		1,839
Taxation recognized directly in equity
Ending balance at Jun. 30, 2023	£ 55	£ 925,637	£ 420,834	£ (1,427,344)	£ 2,885	£ (77,933)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statement of Cash Flows - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Loss for the period from continuing operations	£ (151,255)	£ (197,133)
Gain/(Loss) for the period from discontinued operations	871	(44,325)
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets	38,319	26,552
Amortization and impairment of intangible assets	3,642	142,146
Finance income	(2,671)	(571)
Finance expense	32,703	22,606
Share-based payment expense	1,881	35,096
Fair value movement in the Convertible Notes and embedded derivative, fair value movement in the warrants and foreign exchange movements	(14,378)	(157,973)
Tax credit		(9,865)
Fair value adjustments	252
Loss on disposal of property, plant and equipment	3,263
Gain on lease terminations	(2,042)
Loss on sale of discontinued operations	6,278
(Decrease)/Increase in provisions	(23,045)	5,679
Adjustments to reconcile profit (loss)	(106,182)	(177,788)
Movements in working capital:
Decrease/(Increase) in trade and other receivables	26,984	(20,988)
Decrease/(Increase) in inventory	136,593	(8,125)
Decrease/(Increase) in subscription vehicles	1,464	(62,001)
(Decrease)/Increase in trade and other payables	(16,365)	54,353
Total working capital movements	148,676	(36,761)
Other cash flows from operating activities:
Interest received	2,671	571
Tax credit received	112
Net cash from/(used in) operating activities	45,277	(213,978)
Cash flows from investing activities:
Purchases of property, plant and equipment	(936)	(18,677)
Disposals of property, plant and equipment	1,633
Purchases and development of intangible assets	(4,253)	(14,973)
Acquisition of subsidiaries, net of cash acquired		(34,121)
Disposal of discontinued operations, net of cash disposed of	19,247
Proceeds from sale and leasebacks		12,686
Proceeds from lease modifications		5,520
Net cash from/(used in) investing activities	15,691	(49,565)
Cash flows from financing activities:
Net proceeds from Convertible Notes		460,021
Proceeds from stocking loans	321,729	600,557
Repayment of stocking loans	(400,971)	(569,116)
Proceeds from subscription facilities		33,035
Repayment of subscription facilities	(21,669)	(35,430)
Repayment of secured asset financing, bank loans and mortgages	(2,260)	(3,334)
Interest paid on loans and borrowings	(8,582)	(7,518)
Lease payments	(10,404)	(14,294)
Excess proceeds above fair value from sale and leasebacks		1,086
Net cash (used in)/from financing activities	(122,157)	465,007
Net (decrease)/increase in cash and cash equivalents	(61,189)	201,464
Cash and cash equivalents at the beginning of the period	258,321	192,629
Net foreign exchange difference	(2,554)	7,105
Cash and cash equivalents at the end of the period	£ 194,578	£ 401,198

Reporting Entity

Reporting Entity	6 Months Ended
	Jun. 30, 2023
Reporting Entity [Abstract]
Reporting entity	1. Reporting entity Cazoo Group Ltd (the “Company”) is an exempted company incorporated under the laws of the Cayman Islands on March 24, 2021. The Company’s registered office is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The Company’s principal executive office is at 41 Chalton Street, London, NW1 1JD, United Kingdom. The Group’s principal activity is the operation of an e-commerce platform for buying and selling used cars. The unaudited condensed consolidated interim financial statements incorporate the accounts of the Company and entities controlled by the Company (“its subsidiaries”). The term “Group” means Cazoo Group Ltd and its subsidiaries.

Basis of Preparation

Basis of Preparation	6 Months Ended
	Jun. 30, 2023
Basis of Preparation [Abstract]
Basis of preparation	2. Basis of preparation The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting Except as described in Note 2.2. below, the accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022. 2.1 Going concern The unaudited condensed consolidated interim financial statements have been prepared on a going concern basis. On January 18, 2023 the Company announced its revised 2023 plan (the “Revised 2023 Plan”), which aims to improve the unit economics of the business. The Group has implemented the Revised 2023 Plan during the six months ended June 30, 2023, and in the course of the first half of the year, the Group has closed certain of its vehicle preparation centers, customer centers, offices and has made significant headcount reductions. In accordance with the Revised 2023 Plan, the Group has focused on improving unit economics, reducing its fixed cost base and maximizing its cash runway. This has resulted in a significant improvement in retail gross profit per unit to £1,106 for the six months ended June 30, 2023. The Group has completed headcount and operational footprint rightsizing as part of the Revised 2023 Plan. These actions have delivered a reduction in the Group’s cash consumption during the six months ended June 30, 2023. For the going concern assessment, the Group has prepared a five-year plan which extends the Revised 2023 Plan through to 2027 (the “Five-Year Plan”). The Five-Year Plan includes actions to increase liquidity such as reduced fixed costs, the sale and leaseback of owned property and a reduction in inventory. The base case scenario has a forecast cash balance of around £70 million at August 31, 2024, the date looked at from a going concern perspective. There are certain inherent uncertainties in forecasting operating performance, including gross profit margin. In assessing the appropriateness of the going concern assumption, management of the Group (“Management”) has assessed the probability of achieving the budget and the impact if this is not achieved. To do so Management developed a severe but plausible downside scenario to the above base case, whereby the most sensitive assumptions have been flexed. These include limiting average gross profit margin for the whole of the period to 6.5%, increasing overhead costs by £1 million per month, and reducing the proceeds from the remaining planned sale and leaseback transactions by 50%. The business works with three lenders and as at the date of this report has total available stocking facilities of £130 million, of which £82 million was utilized at June 30, 2023. The stocking facilities have no fixed end date and are subject to annual review. There are no financial covenants attached to these facilities but certain of these facilities have triggers to revise the loan-to-value terms if cash falls below a certain level. While cash would fall below the trigger levels in the severe but plausible downside scenario, inventory financing could be moved to those lenders without triggers and the revised terms are only implemented gradually over time. Therefore, the impact on the Group’s cash flows is not significant during the going concern period. The severe but plausible downside scenario pre mitigations results in a positive cash position but it would be below target minimum liquidity. However, Management has the following actions available to mitigate this: reducing discretionary marketing spend, capital expenditure, headcount, reducing inventory levels further, and raising external finance. While Management is confident that the base case scenario provides adequate liquidity for the Group through to August 31, 2024, the ability of the Group to satisfy its current liabilities and maintain sufficient daily liquidity is dependent on successful execution of that plan, including actions which have not yet been implemented. Therefore, the severe but plausible downside scenario, which adjusts for certain inherent uncertainties in forecasting operating performance, including gross profit margin and the status of implementing those plans described above, raises substantial doubt about the Group’s ability to continue as a going concern. Management’s plans to mitigate the downside scenario adjustments that raise substantial doubt regarding the Group’s ability to continue as a going concern cannot be guaranteed or are not entirely within the Company’s control and therefore cannot be considered probable. In addition to the factors set out above, Management also considered the Group’s debt in the form of its 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) which bear regular interest at a fixed rate of 2.00% per year. Holders of the Convertible Notes have the right to require the Company to repurchase for cash all or a portion of their Convertible Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a Fundamental Change, which includes, among other things, if the Company’s Class A ordinary shares cease to be listed on the New York Stock Exchange (“NYSE”), (as defined in the Indenture, dated February 16, 2022, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”)). The accompanying unaudited condensed consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and the Group maintaining a listing on the NYSE. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. 2.2 New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of new standards effective as of January 1, 2023. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group has adopted International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 Several amendments apply for the first time in 2023, but do not have an impact on the unaudited condensed consolidated interim financial statements of the Group: ● IFRS 17 Insurance Contracts ● Definition of Accounting Estimates - Amendments to IAS 8 ● Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue [Abstract]
Revenue	3. Revenue 3.1 Disaggregated revenue information The following is an analysis of the Group’s revenue for the period from continuing operations. Six months Six months Type of goods or services Retail 1 376,386 497,790 Wholesale 35,984 68,888 Other sales 1 6,192 16,542 418,562 583,220 Timing of revenue recognition Goods and services transferred at a point in time 413,561 575,225 Goods and services transferred over time 5,001 7,995 418,562 583,220 1 Retail includes the aggregate retail sales price and ancillary products (including financing commission, warranty commission, paint protection and any add-ons), together with delivery charges and admin fees, from all vehicles sold through the Group’s retail channel in the year. Ancillary revenues were previously presented in “Other sales”. The comparatives for the six months ended June 30, 2022 have been restated for consistency (ancillary revenues were £17.5 million for the six months ended June 30, 2022). 3.2 Contract balances Revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the period end is summarized as below. At At Undelivered vehicles and service plans 18,853 19,374

Other Income and Expenses

Other Income and Expenses	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Other income and expenses	4. Other income and expenses Six months Six months Fair value movement in the Convertible Notes and embedded derivative (226 ) 168,085 Fair value movement in the warrants 478 41,840 Foreign exchange movements 14,126 (51,952 ) 14,378 157,973

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Information [Abstract]
Segment information	5. Segment information Revenue recognized from continuing operations has arisen entirely within the UK (six months ended June 30, 2022: all UK). The following table presents the Group’s non-current assets by geographic location. At At Non-current assets UK 172,531 262,541 EU 46 1,855 Total 172,577 264,396

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2023
Discontinued operations [Abstract]
Discontinued operations	6. Discontinued operations and disposals At December 31, 2022, the EU segment was classified as a discontinued operation following the decision to winddown our operations in mainland Europe. The German subscription business, Cluno GmbH, was previously classified as a disposal group held for sale. On May 15, 2023, the Group completed the sale of Cluno GmbH for £21.2 million, resulting in a loss on sale of £7.0 million due to movements between December 31, 2022 and completion. Results of discontinued operations Six months ended June 30 2023 Six months ended Revenue 8,925 44,648 Expenses (771 ) (86,532 ) Profit/(Loss) from operations 8,154 (41,884 ) Finance expense (306 ) (2,441 ) Loss on sale of discontinued operations (6,977 ) — Profit/(Loss) before tax from discontinued operations 871 (44,325 ) Tax credit - 3,546 Profit/(Loss) for the year from discontinued operations 871 (40,779 ) Earnings per share: Basic loss per ordinary share from discontinued operations £ 0.02 £ (1.07 ) Diluted loss per ordinary share from discontinued operations £ 0.02 £ (1.07 ) Net cash flows from/(used in) discontinued operations: Operating (4,038 ) (60,524 ) Investing 18,536 (63,919 ) Financing (7,780 ) 13,600 Net cash inflow/(outflow) 6,718 (110,843 ) As Cluno GmbH was sold prior to June 30, 2023, the assets and liabilities previously classified as held for sale are no longer included in the statement of financial position. Effect of disposal on the financial position of the Group of assets and liabilities held for sale £’000 Assets held for sale 52,971 Liabilities associated with assets held for sale (24,760 ) Net assets and liabilities disposed of 28,211 Consideration received, satisfied in cash 21,234 Cash and cash equivalents disposed of (2,680 ) Net cash inflow 18,554 The table above shows the impact of the disposal of Cluno GmbH on the financial position of the Group. On February 22, 2023, the Group also sold its third-party data platform, UK Vehicle Limited (“Cazana”), resulting in a gain on sale of £0.7 million. The total net cash inflow arising from both the disposal of Cluno GmbH and Cazana was £19.2 million.

Taxation

Taxation	6 Months Ended
	Jun. 30, 2023
Taxation [Abstract]
Taxation	7. Taxation The major components of income tax credit in the interim condensed consolidated statement of profit or loss are: Six months Six months Current income tax expense — — Deferred income tax credit relating to origination and reversal of temporary differences — 6,319 Income tax credit recognized in statement of profit or loss — 6,319

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	8. Property, plant and equipment During the six months ended June 30, 2023, property, plant and equipment decreased by £69.0 million from £122.7 million at December 31, 2022 to £53.7 million at June 30, 2023 primarily due to the transfer of £34.0 million of owned subscription vehicles from property, plant and equipment into inventory to be made available for sale as part of the wind-down of the subscription business. The Group also recognized a non-cash impairment of £16.3 million relating to leasehold improvements and fixtures and fittings and at sites that have now been vacated as part of the Revised 2023 Plan. In addition, during the six months ended June 30, 2023, the Group acquired property, plant and equipment with a cost of £0.9 million (six months ended June 30, 2022: £18.7 million) and assets (other than those classified as held for sale) with a net book value of £4.9 million were disposed of by the Group during the six months ended June 30, 2023 (six months ended June 30, 2022: £ nil nil The remainder of the movement in property plant and equipment relates to depreciation of £13.9 million (six months ended June 30,2022: £15.0 million).

Right of use Assets and Lease L

Right of use Assets and Lease Liabilities	6 Months Ended
	Jun. 30, 2023
Right of use assets and lease liabilities [Abstract]
Right of use assets and lease liabilities	9. Right-of-use assets and lease liabilities During the six months ended June 30, 2023, right-of-use assets has decreased by £23.0 million from £118.8 million at December 31, 2022 to £95.8 million at June 30, 2023 primarily due to the disposal of £14.8 million of properties and transporters as part of the Revised 2023 Plan (six months ended June 30, 2022: £ nil nil The loss recognized on termination of the leases in continuing operations for the six month period to June 30, 2023 was £0.8 million (six months ended June 30, 2022: £ nil The remainder of the movement in right-of-use assets relates to depreciation of £8.0 million (six months ended June 30, 2022: £11.5 million) and foreign exchange.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Intangible Assets [Abstract]
Intangible assets	10. Intangible assets The Group performs its annual impairment test in December and when circumstances indicate that the carrying value may be impaired. The UK

Loans and Borrowings

Loans and Borrowings	6 Months Ended
	Jun. 30, 2023
Loans and Borrowings [Abstract]
Loans and borrowings	11. Loans and borrowings The book value of loans and borrowings are as follows: At At Current Stocking loans 82,350 161,592 Subscription facilities 763 14,983 Secured asset financing 1,024 1,479 Bank loans - 30 84,137 178,084 Non-current Secured asset financing 2,338 4,113 2,338 4,113 Total loans and borrowings 86,475 182,197

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Financial instruments	12. Financial instruments 12.1 Financial assets Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as at June 30, 2023 and December 31, 2022: At At Financial assets at amortized cost Trade receivables 18,888 24,475 Contract assets 263 248 Lease deposits 4,356 5,664 23,507 30,387 Current 19,151 24,723 Non-current 4,356 5,664 12.2 Financial liabilities Set out below is an overview of financial liabilities held by the Group as at June 30, 2023 and December 31, 2022: Financial liabilities: Interest-bearing loans and borrowings At At Interest rate % Maturity £’000 £’000 Current Convertible Notes 2% Within one year 1,248 1,301 Stocking loans Base rate + 0.5% – 2% On earlier of sale or 180 days 82,350 161,592 Subscription facilities Base rate + 1.7% Within one year 763 14,983 Secured asset financing 3% – 12% Within one year 1,024 1,479 Bank loans Within one year — 30 Lease liabilities 1% – 13% Within one year 17,972 28,596 103,357 207,981 Non-current Convertible Notes 2% 2027 275,169 265,631 Secured asset financing 3% – 12% 2026 – 2027 2,338 4,113 Lease liabilities 1% – 13% 2024 – 2042 76,056 88,864 353,563 358,608 Other financial liabilities At At 2022 £’000 £’000 Financial liabilities at fair value through profit or loss Warrants 16 515 Embedded derivative 78,978 82,108 78,994 82,623 Current — — Non-current 78,994 82,623 12.3 Fair value Management assessed that the fair value of trade receivables, other receivables, stocking loans, subscription facilities, secured asset financing and trade and other payables approximate their carrying value due to the short-term maturities of these instruments. The fair value of trade receivables, other receivables, stocking loans, subscription facilities, secured asset financing and trade and other payables has been measured using Level 3 valuation inputs. Warrants are classified as Level 3 due to the use of unobservable inputs. The fair value is determined using a Black-Scholes model. The public warrants are classified as Level 3 due to the use of unobservable inputs. The fair value is determined using a Binomial Lattice model. The public warrants were previously classified as Level 1 as at December 31, 2022 with a fair value of £0.2 million. However, they were transferred into Level 3 during the six months ended June 30, 2023 following the suspension in trading of the public warrants by the NYSE on January 3, 2023. The embedded derivative of the Convertible Notes is classified as Level 3 due to the use of unobservable inputs. The fair value is determined using a Monte-Carlo simulation to model the conversion, redemption and repayment premium features. The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as at June 30, 2023: Level 1 Level 2 Level 3 Total At June 30, 2023 £’000 £’000 £’000 £’000 Warrants — — 16 16 Embedded derivative — — 78,978 78,978 — — 78,994 78,994 The following information is relevant in the determination of fair value of the warrants and the embedded derivative at June 30, 2023: Warrants Embedded Expected term (years) 7 4 Expected volatility 81.1 % 79.6 % Dividend yield Nil Nil Risk free interest rate 4.08 % 4.38 % Reconciliation of fair values The fair value movements are set out as follows: Warrants Embedded derivative Total £’000 £’000 £’000 At January 1, 2023 515 82,108 82,623 Fair value movement (478 ) 226 (252 ) Foreign exchange movements (21 ) (3,356 ) (3,377 ) At June 30, 2023 16 78,978 78,994 The fair value decrease and foreign exchange movements is recognized in the statement of profit or loss within other income and expenses. Sensitivity analysis For the warrants, a 100 basis point increase in the expected volatility rate would increase the fair value by £0.0 million. For the embedded derivative, a 100 basis point increase in the credit spread would decrease the fair value by £76.6 million.

Provisions

Provisions	6 Months Ended
	Jun. 30, 2023
Provisions [Abstract]
Provisions	13. Provisions Dilapidation Restructuring Other Total £’000 £’000 £’000 £’000 At January 1, 2023 8,752 24,698 1,840 35,290 Recognized during the period 1,499 200 — 1,699 Utilized during the period (241 ) (8,804 ) (285 ) (9,330 ) Reversed during the period (1,995 ) (9,258 ) (1,061 ) (12,314 ) FX revaluation — (173 ) — (173 ) At June 30, 2023 8,015 6,663 494 15,172 Current 2,279 6,663 494 9,436 Non-current 5,736 — — 5,736 The dilapidation provisions relate to the expected reinstatement costs of leased office buildings, vehicle preparation centers, customer centers and vehicles back to the conditions required by the lease. Cash outflows associated with the dilapidation provisions are to be incurred at the end of the relevant lease term, between 4 and 19 years. The restructuring provision relates to actions being undertaken as part of the Business Realignment Plan announced on June 7, 2022, the winddown of operations in Europe announced in September 2022 and the Revised 2023 Plan (together the “Revised Business Plans”). Cash outflows associated with the restructuring provision are to be incurred within 12 months. The decrease in the restructuring provision relates to redundancy payments and sponsorship payments made by the group during the six months ended June 30, 2023 and the reversals of amounts no longer required primarily due to better than expected exit terms being negotiated for sponsorships and other contracts.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents [Abstract]
Cash and cash equivalents	14. Cash and cash equivalents At At £’000 £’000 Cash at bank available on demand 171,812 179,817 Cash held in short-term deposit accounts 22,766 66,062 Cash and cash equivalents in the statement of financial position 194,578 245,879 Cash at bank and short-term deposits within assets held for sale — 12,442 Cash and cash equivalents in the statement of cash flows 194,578 258,321

Equity and Share-Based Payments

Equity and Share-Based Payments	6 Months Ended
	Jun. 30, 2023
Equity and Share-Based Payments [Abstract]
Schedule of Options Were Granted	15. Equity and Share-based payments Share capital On February 7, 2023, the Group announced the consolidation of the Company’s issued and unissued share capital, par value $0.0001 per share, at a ratio of 1-for-20 (the “reverse stock split”), as well as an increase in share capital (the “share increase”). After giving effect to the reverse stock split and the share increase the Company’s authorized share capital was US$435,500, divided into 165,000,000 Class A ordinary shares of a par value of US$0.002 each (the “Class A Shares”), 2,500,000 Class B ordinary shares of a par value of US$0.002 each, 50,000,000 Class C ordinary shares of a par value of US$0.002 each and 250,000 preference shares of a par value of US$0.002 each. The reverse stock split and the share increase were approved by Cazoo’s shareholders at the extraordinary general meeting of shareholders held on February 7, 2023 with over 95% of those voting giving approval for all proposals. The reverse stock split became effective at 4:05 p.m. (ET) on February 8, 2023. As a result of the reverse stock split, the number of Class A Shares issuable upon exercise of the Company’s (i) private warrants and (ii) public warrants was reduced at a ratio of 1-for-20, so that each warrant entitles a holder to purchase one twentieth (1/20th) of a Class A Share. The exercise price of each warrant was increased to $230.00 per share. In addition, as a result of the reverse stock split, the number of Class A Shares issuable upon conversion of the Convertible Notes was reduced at a ratio of 1-for-20. Pursuant to and in accordance with the terms of the Indenture governing the Convertible Notes, the conversion rate of the Convertible Notes was reduced from 200 Class A Shares per $1,000 principal amount of Convertible Notes to 10 Class A Shares per $1,000 principal amount of Convertible Notes. As at June 30, 2023, Cazoo had 38,764,228 Class A Shares outstanding (December 31, 2022: 768,797,693 Class A Shares outstanding not adjusted for the reverse stock split and 38,439,885 Class A Shares outstanding adjusted for reverse stock split). Share-based payments charge For the six months ended June 30, 2023, the Group recognized a net share-based payment charge of £1.8 million in the statement of profit or loss (six months ended June 30, 2022: £35.1 million). The Group also recognized a reversal of the share-based payment charge of £8.1m relating to the cancellation of shares by forfeiture. The following movements in the share-based payments reserve (included in retained earnings) occurred during the period ended June 30, 2023: £’000 At January 1, 2023 89,434 Adjustment to forfeiture rate (2,156 ) Share based payment charge – Incentive Equity Plan 12,026 Share based payment charge – SAYE scheme 93 Shares cancelled by forfeiture (8,124 ) At June 30, 2023 91,273 The following options were granted during the six months ended June 30, 2023: Scheme Number Grant date Expiry date Incentive Equity Plan 335,456 01/01/2023 01/01/2033 Incentive Equity Plan – Executive Directors 786,668 01/01/2023 01/01/2033 Incentive Equity Plan 112,150 01/04/2023 01/04/2033 Employee share option fair value assessment The following information is relevant in the determination of fair value of the employee share options granted during the six months ended June 30, 2023: Incentive 1 Incentive Equity Exercise price £ Nil £ Nil Expected volatility N/A 83.1 % Dividend yield Nil Nil Risk free interest rate N/A 3.74 % Fair value per share 1 £ 1.98–2.73 £ 3.39 – 4.64 1 Considering that the Incentive Equity Plan awards vest over time without any further restrictions, the fair value is equal to the Company’s closing stock price as of the grant date. The number of options outstanding as at June 30, 2023 was 3,667,396 (December 31, 2022: 3,152,072). The share option numbers give effect to the reverse stock split which became effective on February 8, 2023. As a result of the reverse 1-for-20 stock split, the fair value of share options has been multiplied by a factor of 20. By making these adjustments, the fair value of the employees share options is maintained following the share split.

Events After the Reporting Date

Events After the Reporting Date	6 Months Ended
	Jun. 30, 2023
Events after the Reporting Date [Abstract]
Events after the reporting date	16. Events after the reporting date In July 2023, the Group completed the sale of two of its vacated, freehold properties for proceeds of £7.8 million excluding VAT. With effect from August 10, 2023 the Group reduced its stocking facilities from £180 million to £130 million.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related party transactions	17. Related party transactions No reportable related party transactions occurred during the six months ended June 30, 2023 or 2022 other than the remuneration of key management personnel.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of preparation	2. Basis of preparation The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2023 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting Except as described in Note 2.2. below, the accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022.
Going concern	2.1 Going concern The unaudited condensed consolidated interim financial statements have been prepared on a going concern basis. On January 18, 2023 the Company announced its revised 2023 plan (the “Revised 2023 Plan”), which aims to improve the unit economics of the business. The Group has implemented the Revised 2023 Plan during the six months ended June 30, 2023, and in the course of the first half of the year, the Group has closed certain of its vehicle preparation centers, customer centers, offices and has made significant headcount reductions. In accordance with the Revised 2023 Plan, the Group has focused on improving unit economics, reducing its fixed cost base and maximizing its cash runway. This has resulted in a significant improvement in retail gross profit per unit to £1,106 for the six months ended June 30, 2023. The Group has completed headcount and operational footprint rightsizing as part of the Revised 2023 Plan. These actions have delivered a reduction in the Group’s cash consumption during the six months ended June 30, 2023. For the going concern assessment, the Group has prepared a five-year plan which extends the Revised 2023 Plan through to 2027 (the “Five-Year Plan”). The Five-Year Plan includes actions to increase liquidity such as reduced fixed costs, the sale and leaseback of owned property and a reduction in inventory. The base case scenario has a forecast cash balance of around £70 million at August 31, 2024, the date looked at from a going concern perspective. There are certain inherent uncertainties in forecasting operating performance, including gross profit margin. In assessing the appropriateness of the going concern assumption, management of the Group (“Management”) has assessed the probability of achieving the budget and the impact if this is not achieved. To do so Management developed a severe but plausible downside scenario to the above base case, whereby the most sensitive assumptions have been flexed. These include limiting average gross profit margin for the whole of the period to 6.5%, increasing overhead costs by £1 million per month, and reducing the proceeds from the remaining planned sale and leaseback transactions by 50%. The business works with three lenders and as at the date of this report has total available stocking facilities of £130 million, of which £82 million was utilized at June 30, 2023. The stocking facilities have no fixed end date and are subject to annual review. There are no financial covenants attached to these facilities but certain of these facilities have triggers to revise the loan-to-value terms if cash falls below a certain level. While cash would fall below the trigger levels in the severe but plausible downside scenario, inventory financing could be moved to those lenders without triggers and the revised terms are only implemented gradually over time. Therefore, the impact on the Group’s cash flows is not significant during the going concern period. The severe but plausible downside scenario pre mitigations results in a positive cash position but it would be below target minimum liquidity. However, Management has the following actions available to mitigate this: reducing discretionary marketing spend, capital expenditure, headcount, reducing inventory levels further, and raising external finance. While Management is confident that the base case scenario provides adequate liquidity for the Group through to August 31, 2024, the ability of the Group to satisfy its current liabilities and maintain sufficient daily liquidity is dependent on successful execution of that plan, including actions which have not yet been implemented. Therefore, the severe but plausible downside scenario, which adjusts for certain inherent uncertainties in forecasting operating performance, including gross profit margin and the status of implementing those plans described above, raises substantial doubt about the Group’s ability to continue as a going concern. Management’s plans to mitigate the downside scenario adjustments that raise substantial doubt regarding the Group’s ability to continue as a going concern cannot be guaranteed or are not entirely within the Company’s control and therefore cannot be considered probable. In addition to the factors set out above, Management also considered the Group’s debt in the form of its 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) which bear regular interest at a fixed rate of 2.00% per year. Holders of the Convertible Notes have the right to require the Company to repurchase for cash all or a portion of their Convertible Notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a Fundamental Change, which includes, among other things, if the Company’s Class A ordinary shares cease to be listed on the New York Stock Exchange (“NYSE”), (as defined in the Indenture, dated February 16, 2022, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”)). The accompanying unaudited condensed consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and the Group maintaining a listing on the NYSE. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.
New standards, interpretations and amendments adopted by the Group	2.2 New standards, interpretations and amendments adopted by the Group The accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of new standards effective as of January 1, 2023. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group has adopted International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 Several amendments apply for the first time in 2023, but do not have an impact on the unaudited condensed consolidated interim financial statements of the Group: ● IFRS 17 Insurance Contracts ● Definition of Accounting Estimates - Amendments to IAS 8 ● Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 ● Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue [Abstract]
Schedule of Material Revenue Recognised	The following is an analysis of the Group’s revenue for the period from continuing operations. Six months Six months Type of goods or services Retail 1 376,386 497,790 Wholesale 35,984 68,888 Other sales 1 6,192 16,542 418,562 583,220 Timing of revenue recognition Goods and services transferred at a point in time 413,561 575,225 Goods and services transferred over time 5,001 7,995 418,562 583,220 1 Retail includes the aggregate retail sales price and ancillary products (including financing commission, warranty commission, paint protection and any add-ons), together with delivery charges and admin fees, from all vehicles sold through the Group’s retail channel in the year. Ancillary revenues were previously presented in “Other sales”. The comparatives for the six months ended June 30, 2022 have been restated for consistency (ancillary revenues were £17.5 million for the six months ended June 30, 2022).
Schedule of Revenue Expected to be Recognised in the Future Related to Performance Obligations	Revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the period end is summarized as below. At At Undelivered vehicles and service plans 18,853 19,374

Other Income and Expenses (Tabl

Other Income and Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Income and Expenses	Other income and expenses Six months Six months Fair value movement in the Convertible Notes and embedded derivative (226 ) 168,085 Fair value movement in the warrants 478 41,840 Foreign exchange movements 14,126 (51,952 ) 14,378 157,973

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Information [Abstract]
Schedule of Non-Current Assets	The following table presents the Group’s non-current assets by geographic location. At At Non-current assets UK 172,531 262,541 EU 46 1,855 Total 172,577 264,396

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued operations [Abstract]
Schedule of Discontinued Operations	Results of discontinued operations Six months ended June 30 2023 Six months ended Revenue 8,925 44,648 Expenses (771 ) (86,532 ) Profit/(Loss) from operations 8,154 (41,884 ) Finance expense (306 ) (2,441 ) Loss on sale of discontinued operations (6,977 ) — Profit/(Loss) before tax from discontinued operations 871 (44,325 ) Tax credit - 3,546 Profit/(Loss) for the year from discontinued operations 871 (40,779 ) Earnings per share: Basic loss per ordinary share from discontinued operations £ 0.02 £ (1.07 ) Diluted loss per ordinary share from discontinued operations £ 0.02 £ (1.07 ) Net cash flows from/(used in) discontinued operations: Operating (4,038 ) (60,524 ) Investing 18,536 (63,919 ) Financing (7,780 ) 13,600 Net cash inflow/(outflow) 6,718 (110,843 )
Schedule of Disposal on the Financial Position of the Group of Assets and Liabilities Held for Sale	Effect of disposal on the financial position of the Group of assets and liabilities held for sale £’000 Assets held for sale 52,971 Liabilities associated with assets held for sale (24,760 ) Net assets and liabilities disposed of 28,211 Consideration received, satisfied in cash 21,234 Cash and cash equivalents disposed of (2,680 ) Net cash inflow 18,554

Taxation (Tables)

Taxation (Tables)	6 Months Ended
	Jun. 30, 2023
Taxation [Abstract]
Schedule of Income Tax Expense in the Interim Condensed Consolidated Statement of Profit or Loss	The major components of income tax credit in the interim condensed consolidated statement of profit or loss are: Six months Six months Current income tax expense — — Deferred income tax credit relating to origination and reversal of temporary differences — 6,319 Income tax credit recognized in statement of profit or loss — 6,319

Loans and Borrowings (Tables)

Loans and Borrowings (Tables)	6 Months Ended
	Jun. 30, 2023
Loans and Borrowings [Abstract]
Schedule of Loans and Borrowings	The book value of loans and borrowings are as follows: At At Current Stocking loans 82,350 161,592 Subscription facilities 763 14,983 Secured asset financing 1,024 1,479 Bank loans - 30 84,137 178,084 Non-current Secured asset financing 2,338 4,113 2,338 4,113 Total loans and borrowings 86,475 182,197

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Schedule of Financial Assets, Other than Cash and Short-Term Deposits	Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as at June 30, 2023 and December 31, 2022: At At Financial assets at amortized cost Trade receivables 18,888 24,475 Contract assets 263 248 Lease deposits 4,356 5,664 23,507 30,387 Current 19,151 24,723 Non-current 4,356 5,664
Schedule of Interest-Bearing Loans and Borrowings	Interest-bearing loans and borrowings At At Interest rate % Maturity £’000 £’000 Current Convertible Notes 2% Within one year 1,248 1,301 Stocking loans Base rate + 0.5% – 2% On earlier of sale or 180 days 82,350 161,592 Subscription facilities Base rate + 1.7% Within one year 763 14,983 Secured asset financing 3% – 12% Within one year 1,024 1,479 Bank loans Within one year — 30 Lease liabilities 1% – 13% Within one year 17,972 28,596 103,357 207,981 Non-current Convertible Notes 2% 2027 275,169 265,631 Secured asset financing 3% – 12% 2026 – 2027 2,338 4,113 Lease liabilities 1% – 13% 2024 – 2042 76,056 88,864 353,563 358,608
Schedule of Other Financial Liabilities	Other financial liabilities At At 2022 £’000 £’000 Financial liabilities at fair value through profit or loss Warrants 16 515 Embedded derivative 78,978 82,108 78,994 82,623 Current — — Non-current 78,994 82,623
Schedule of Fair Value Measurement Hierarchy	The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as at June 30, 2023 Level 1 Level 2 Level 3 Total At June 30, 2023 £’000 £’000 £’000 £’000 Warrants — — 16 16 Embedded derivative — — 78,978 78,978 — — 78,994 78,994
Schedule of Fair Value of the Private Warrants and the Embedded Derivative	The following information is relevant in the determination of fair value of the warrants and the embedded derivative at June 30, 2023 Warrants Embedded Expected term (years) 7 4 Expected volatility 81.1 % 79.6 % Dividend yield Nil Nil Risk free interest rate 4.08 % 4.38 %
Schedule of Fair Value Movements	The fair value movements are set out as follows Warrants Embedded derivative Total £’000 £’000 £’000 At January 1, 2023 515 82,108 82,623 Fair value movement (478 ) 226 (252 ) Foreign exchange movements (21 ) (3,356 ) (3,377 ) At June 30, 2023 16 78,978 78,994

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Jun. 30, 2023
Provisions [Abstract]
Schedule of Provisions	Provisions Dilapidation Restructuring Other Total £’000 £’000 £’000 £’000 At January 1, 2023 8,752 24,698 1,840 35,290 Recognized during the period 1,499 200 — 1,699 Utilized during the period (241 ) (8,804 ) (285 ) (9,330 ) Reversed during the period (1,995 ) (9,258 ) (1,061 ) (12,314 ) FX revaluation — (173 ) — (173 ) At June 30, 2023 8,015 6,663 494 15,172 Current 2,279 6,663 494 9,436 Non-current 5,736 — — 5,736

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents [Abstract]
Schedule of Cash and Cash Equivalents	Cash and cash equivalents At At £’000 £’000 Cash at bank available on demand 171,812 179,817 Cash held in short-term deposit accounts 22,766 66,062 Cash and cash equivalents in the statement of financial position 194,578 245,879 Cash at bank and short-term deposits within assets held for sale — 12,442 Cash and cash equivalents in the statement of cash flows 194,578 258,321

Equity and Share-Based Paymen_2

Equity and Share-Based Payments (Tables)	6 Months Ended
	Jun. 30, 2023
Equity and Share-Based Payments [Abstract]
Schedule of Share Based Payment Reserve	The following movements in the share-based payments reserve (included in retained earnings) occurred during the period ended June 30, 2023: £’000 At January 1, 2023 89,434 Adjustment to forfeiture rate (2,156 ) Share based payment charge – Incentive Equity Plan 12,026 Share based payment charge – SAYE scheme 93 Shares cancelled by forfeiture (8,124 ) At June 30, 2023 91,273
Schedule of Options Were Granted	The following options were granted during the six months ended June 30, 2023: Scheme Number Grant date Expiry date Incentive Equity Plan 335,456 01/01/2023 01/01/2033 Incentive Equity Plan – Executive Directors 786,668 01/01/2023 01/01/2033 Incentive Equity Plan 112,150 01/04/2023 01/04/2033
Schedule of Fair Value of the Employee Share Options Granted	The following information is relevant in the determination of fair value of the employee share options granted during the six months ended June 30, 2023: Incentive 1 Incentive Equity Exercise price £ Nil £ Nil Expected volatility N/A 83.1 % Dividend yield Nil Nil Risk free interest rate N/A 3.74 % Fair value per share 1 £ 1.98–2.73 £ 3.39 – 4.64 1 Considering that the Incentive Equity Plan awards vest over time without any further restrictions, the fair value is equal to the Company’s closing stock price as of the grant date.

Basis of Preparation (Details)

Basis of Preparation (Details) - GBP (£)		6 Months Ended
	Sep. 30, 2024	Jun. 30, 2023
Basis of Preparation (Details) [Line Items]
Retail gross profit		£ 1,106
Gross profit margin, percentage		6.50%
Overhead costs		£ 1,000,000
Sale and leaseback transaction	50%
Interest fixed rate		2%
Convertible notes, percentage		100%
Forecast [Member]
Basis of Preparation (Details) [Line Items]
Cash balance	£ 70,000,000
Maximum [member]
Basis of Preparation (Details) [Line Items]
Total stocking facilities utilized		£ 130,000,000
Minimum [member]
Basis of Preparation (Details) [Line Items]
Total stocking facilities utilized		£ 82,000,000

Revenue (Details) - Schedule of

Revenue (Details) - Schedule of Material Revenue Recognised - GBP (£) £ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Type of goods or services
Type of goods		£ 418,562	£ 583,220
Timing of revenue recognition
Recognition of revenue		418,562	583,220
Goods and services transferred at a point in time [Member]
Timing of revenue recognition
Recognition of revenue		413,561	575,225
Goods and services transferred over time [Member]
Timing of revenue recognition
Recognition of revenue		5,001	7,995
Retail [Member]
Type of goods or services
Type of goods	[1]	376,386	497,790
Wholesale [Member]
Type of goods or services
Type of goods		35,984	68,888
Other sales [Member]
Type of goods or services
Type of goods	[1]	£ 6,192	£ 16,542
[1] Retail includes the aggregate retail sales price and ancillary products (including financing commission, warranty commission, paint protection and any add-ons), together with delivery charges and admin fees, from all vehicles sold through the Group’s retail channel in the year. Ancillary revenues were previously presented in “Other sales”. The comparatives for the six months ended June 30, 2022 have been restated for consistency (ancillary revenues were £17.5 million for the six months ended June 30, 2022).

Revenue (Details) - Schedule _2

Revenue (Details) - Schedule of Revenue Expected to be Recognised in the Future Related to Performance Obligations - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Revenue Expected To Be Recognised In The Future Related To Performance Obligations Abstract
Undelivered vehicles and service plans	£ 18,853	£ 19,374

Other Income and Expenses (Deta

Other Income and Expenses (Details) - Schedule of Other Income and Expenses - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Other Income and Expenses [Abstract]
Fair value movement in the Convertible Notes and embedded derivative	£ (226)	£ 168,085
Fair value movement in the warrants	478	41,840
Foreign exchange movements	14,126	(51,952)
Total	£ 14,378	£ 157,973

Segment Information (Details) -

Segment Information (Details) - Schedule of Non-Current Assets - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Total non-current assets	£ 172,577	£ 264,396
UK [Member]
Non-current assets
Total non-current assets	172,531	262,541
EU [Member]
Non-current assets
Total non-current assets	£ 46	£ 1,855

Discontinued Operations (Detail

Discontinued Operations (Details) - GBP (£) £ in Millions		1 Months Ended
	May 15, 2023	Feb. 22, 2023	Jun. 30, 2023
Discontinued Operations (Details) [Line Items]
Loss on sale	£ 7
Net cash inflow			£ 19.2
Third party [Member]
Discontinued Operations (Details) [Line Items]
Loss on sale		£ 0.7
Disposal groups classified as held for sale [member]
Discontinued Operations (Details) [Line Items]
Consideration for sale	£ 21.2

Discontinued Operations (Deta_2

Discontinued Operations (Details) - Schedule of Discontinued Operations - GBP (£) £ / shares in Units, £ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Discontinued Operations [Abstract]
Revenue	£ 8,925	£ 44,648
Expenses	(771)	(86,532)
Profit/(Loss) from operations	8,154	(41,884)
Finance expense	(306)	(2,441)
Loss on sale of discontinued operations	(6,977)
Profit/(Loss) before tax from discontinued operations	871	(44,325)
Tax credit		3,546
Profit/(Loss) for the year from discontinued operations	£ 871	£ (40,779)
Earnings per share:
Basic loss per ordinary share from discontinued operations (in Pounds per share)	£ 0.02	£ (1.07)
Diluted loss per ordinary share from discontinued operations (in Pounds per share)	£ 0.02	£ (1.07)
Net cash flows from/(used in) discontinued operations:
Operating	£ (4,038)	£ (60,524)
Investing	18,536	(63,919)
Financing	(7,780)	13,600
Net cash inflow/(outflow)	£ 6,718	£ (110,843)

Discontinued Operations (Deta_3

Discontinued Operations (Details) - Schedule of Disposal on the Financial Position of the Group of Assets and Liabilities Held for Sale £ in Thousands	6 Months Ended
	Jun. 30, 2023 GBP (£)
Schedule of Disposal on the Financial Position of the Group of Assets and Liabilities Held for Sale [Abstract]
Assets held for sale	£ 52,971
Liabilities associated with assets held for sale	(24,760)
Net assets and liabilities disposed of	28,211
Consideration received, satisfied in cash	21,234
Cash and cash equivalents disposed of	(2,680)
Net cash inflow	£ 18,554

Taxation (Details) - Schedule o

Taxation (Details) - Schedule of Income Tax Expense in the Interim Condensed Consolidated Statement of Profit or Loss - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Income Tax Expense In The Interim Condensed Consolidated Statement Of Profit Or Loss Abstract
Current income tax expense
Deferred income tax credit relating to origination and reversal of temporary differences		6,319
Income tax credit recognized in statement of profit or loss		£ 6,319

Property, Plant and Equipment (

Property, Plant and Equipment (Details) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Decrease in property, plant and equipment	£ 69
Property, plant and equipment	53.7		£ 122.7
Transfer of subscription vehicles to inventory	34
Impairment charge	16.3
Acquired property, plant and equipment cost	0.9	£ 18.7
Disposed property plant and equipment	4.9
Disposal net loss	3.3
Statement of profit or loss within administrative expenses	£ 13.9	£ 15

Right of use Assets and Lease_2

Right of use Assets and Lease Liabilities (Details) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Right of use assets and lease liabilities [Abstract]
Decreased in right of use asset	£ 23
Right of use assets	95.8		£ 118.8
Disposals of right-of-use assets	14.8
Termination of lease liabilities	16.5
Loss on lease terminations	0.8
Right-of-use asset depreciation	£ 8	£ 11.5

Loans and Borrowings (Details)

Loans and Borrowings (Details) - Schedule of Loans and Borrowings - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current
Stocking loans	£ 82,350	£ 161,592
Subscription facilities	763	14,983
Secured asset financing	1,024	1,479
Bank loans		30
Total current	84,137	178,084
Non-current
Secured asset financing	2,338	4,113
Total non-current	2,338	4,113
Total loans and borrowings	£ 86,475	£ 182,197

Financial Instruments (Details)

Financial Instruments (Details) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Private Warrants [Member]
Financial Instruments (Details) [Line Items]
Fair Value		£ 0.2
Increase in fair value	£ 0
Embedded Derivative [Member]
Financial Instruments (Details) [Line Items]
Decrease in fair value	£ 76.6

Financial Instruments (Detail

Financial Instruments (Details) - Schedule of Financial Assets, Other than Cash and Short-Term Deposits - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial assets at amortized cost
Trade receivables	£ 18,888	£ 24,475
Contract assets	263	248
Lease deposits	4,356	5,664
Total	23,507	30,387
Current	19,151	24,723
Non-current	£ 4,356	£ 5,664

Financial Instruments (Deta_2

Financial Instruments (Details) - Schedule of Interest-Bearing Loans and Borrowings - GBP (£) £ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Current
Total Non-current	£ 353,563	£ 358,608
Total Current	£ 103,357	207,981
Current [member]
Current
Convertible notes, Interest rate	2%
Convertible notes, Maturity	Within one year
Convertible notes	£ 1,248	1,301
Stocking loans, Maturity	On earlier of sale or 180 days
Stocking loans	£ 82,350	161,592
Subscription facilities, Interest rate	1.7%
Subscription facilities, Maturity	Within one year
Subscription facilities	£ 763	14,983
Secured asset financing, Maturity	Within one year
Secured asset financing	£ 1,024	1,479
Bank loans, Maturity	Within one year
Bank loans		30
Lease liabilities, Maturity	Within one year
Lease liabilities	£ 17,972	28,596
Non-current [Member]
Current
Convertible notes, Interest rate	2%
Convertible notes, Maturity	2027
Convertible notes	£ 275,169	265,631
Secured asset financing, Maturity	2026 – 2027
Secured asset financing	£ 2,338	4,113
Lease liabilities, Maturity	2024 – 2042
Lease liabilities	£ 76,056	£ 88,864
Bottom of range [member] | Current [member]
Current
Stocking loans, Interest rate	0.5%
Secured asset financing, Interest rate	3%
Lease liabilities, Interest rate	1%
Bottom of range [member] | Non-current [Member]
Current
Secured asset financing, Interest rate	3%
Lease liabilities, Interest rate	1%
Top of range [member] | Current [member]
Current
Stocking loans, Interest rate	2%
Secured asset financing, Interest rate	12%
Lease liabilities, Interest rate	13%
Top of range [member] | Non-current [Member]
Current
Secured asset financing, Interest rate	12%
Lease liabilities, Interest rate	13%

Financial Instruments (Deta_3

Financial Instruments (Details) - Schedule of Other Financial Liabilities - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial liabilities at fair value through profit or loss
Other financial liabilities	£ 78,994	£ 82,623
Current
Non-current	78,994	82,623
Warrants [Member]
Financial liabilities at fair value through profit or loss
Other financial liabilities	16	515
Embedded Derivative [Member]
Financial liabilities at fair value through profit or loss
Other financial liabilities	£ 78,978	£ 82,108

Financial Instruments (Deta_4

Financial Instruments (Details) - Schedule of Fair Value Measurement Hierarchy £ in Thousands	6 Months Ended
	Jun. 30, 2023 GBP (£)
Financial Instruments (Details) - Schedule of Fair Value Measurement Hierarchy [Line Items]
Warrants	£ 16
Embedded derivative	78,978
Total	78,994
Level 1 [Member]
Financial Instruments (Details) - Schedule of Fair Value Measurement Hierarchy [Line Items]
Warrants
Embedded derivative
Total
Level 2 [Member]
Financial Instruments (Details) - Schedule of Fair Value Measurement Hierarchy [Line Items]
Warrants
Embedded derivative
Total
Level 3 [Member]
Financial Instruments (Details) - Schedule of Fair Value Measurement Hierarchy [Line Items]
Warrants	16
Embedded derivative	78,978
Total	£ 78,994

Financial Instruments (Deta_5

Financial Instruments (Details) - Schedule of Fair Value of the Private Warrants and the Embedded Derivative	6 Months Ended
	Jun. 30, 2023
Private Warrants [Member]
Financial Instruments (Details) - Schedule of Fair Value of the Private Warrants and the Embedded Derivative [Line Items]
Expected term (years)	7 years
Expected volatility	81.10%
Dividend yield
Risk free interest rate	4.08%
Embedded Derivative [Member]
Financial Instruments (Details) - Schedule of Fair Value of the Private Warrants and the Embedded Derivative [Line Items]
Expected term (years)	4 years
Expected volatility	79.60%
Dividend yield
Risk free interest rate	4.38%

Financial Instruments (Deta_6

Financial Instruments (Details) - Schedule of Fair Value Movements £ in Thousands	6 Months Ended
	Jun. 30, 2023 GBP (£)
Financial Instruments (Details) - Schedule of Fair Value Movements [Line Items]
At January 1, 2023	£ 82,623
Fair value movement	(252)
Foreign exchange movements	(3,377)
At June 30, 2023	78,994
Public warrants [Member]
Financial Instruments (Details) - Schedule of Fair Value Movements [Line Items]
At January 1, 2023	515
Fair value movement	(478)
Foreign exchange movements	(21)
At June 30, 2023	16
Embedded Derivative [Member]
Financial Instruments (Details) - Schedule of Fair Value Movements [Line Items]
At January 1, 2023	82,108
Fair value movement	226
Foreign exchange movements	(3,356)
At June 30, 2023	£ 78,978

Provisions (Details)

Provisions (Details)	6 Months Ended
	Jun. 30, 2023
Minimum [Member]
Provisions (Details) [Line Items]
Lease term	4 years
Maximum [Member]
Provisions (Details) [Line Items]
Lease term	19 years

Provisions (Details) - Schedule

Provisions (Details) - Schedule of Provisions £ in Thousands	6 Months Ended
	Jun. 30, 2023 GBP (£)
Provisions (Details) - Schedule of Provisions [Line Items]
Beginning balance	£ 35,290
Ending balance	15,172
Current	9,436
Non-current	5,736
Recognized during the period	1,699
Utilized during the period	(9,330)
Reversed during the period	(12,314)
FX revaluation	(173)
Dilapidation [member]
Provisions (Details) - Schedule of Provisions [Line Items]
Beginning balance	8,752
Ending balance	8,015
Current	2,279
Non-current	5,736
Recognized during the period	1,499
Utilized during the period	(241)
Reversed during the period	(1,995)
FX revaluation
Restructuring [member]
Provisions (Details) - Schedule of Provisions [Line Items]
Beginning balance	24,698
Ending balance	6,663
Current	6,663
Non-current
Recognized during the period	200
Utilized during the period	(8,804)
Reversed during the period	(9,258)
FX revaluation	(173)
Other [member]
Provisions (Details) - Schedule of Provisions [Line Items]
Beginning balance	1,840
Ending balance	494
Current	494
Non-current
Recognized during the period
Utilized during the period	(285)
Reversed during the period	(1,061)
FX revaluation

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - GBP (£) £ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Cash And Cash Equivalents Abstract
Cash at bank available on demand	£ 171,812	£ 179,817
Cash held in short-term deposit accounts	22,766	66,062
Cash and cash equivalents in the statement of financial position	194,578	245,879
Cash at bank and short-term deposits within assets held for sale		12,442
Cash and cash equivalents in the statement of cash flows	£ 194,578	£ 258,321

Equity and Share-Based Paymen_3

Equity and Share-Based Payments (Details) $ / shares in Units, $ in Thousands, £ in Millions		6 Months Ended		12 Months Ended
	Feb. 07, 2023 USD ($) $ / shares shares	Jun. 30, 2023 GBP (£) shares	Jun. 30, 2023 GBP (£) $ / shares shares	Dec. 31, 2022 shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 GBP (£)
Equity and Share-Based Payments (Details) [Line Items]
Par value per share (in Dollars per share) | $ / shares	$ 0.0001
Share capital amount (in Dollars) | $	$ 435,500
Percentage of voting approval	95%
Exercise price per share (in Dollars per share) | $ / shares			$ 230
Number of shares		38,764,228	38,764,228	768,797,693	38,764,228
Adjusted for reverse stock split				38,439,885
Share-based payment charge (in Pounds) | £		£ 1.8	$ 1.8			£ 35.1
Cancellation of shares amount (in Pounds) | £		£ 8.1
Number of options outstanding		3,667,396	3,667,396	3,152,072	3,667,396
Class A Ordinary Shares [Member]
Equity and Share-Based Payments (Details) [Line Items]
Par value per share (in Dollars per share) | $ / shares	$ 0.002
Authorized share divided	165,000,000
Class B Ordinary Shares [Member]
Equity and Share-Based Payments (Details) [Line Items]
Par value per share (in Dollars per share) | $ / shares	$ 0.002
Authorized share divided	2,500,000
Class C Ordinary Shares [Member]
Equity and Share-Based Payments (Details) [Line Items]
Par value per share (in Dollars per share) | $ / shares	$ 0.002
Authorized share divided	50,000,000
Preference Shares [Member]
Equity and Share-Based Payments (Details) [Line Items]
Par value per share (in Dollars per share) | $ / shares	$ 0.002
Authorized share divided	250,000
Top of range [member] | Class A Shares issuable upon Convertible Notes conversion [Member]
Equity and Share-Based Payments (Details) [Line Items]
Post reverse stock split		200
Principal amount (in Dollars) | $					$ 1,000
Bottom of range [member] | Class A Shares issuable upon Convertible Notes conversion [Member]
Equity and Share-Based Payments (Details) [Line Items]
Post reverse stock split		10
Principal amount (in Dollars) | $					$ 1,000

Equity and Share-Based Paymen_4

Equity and Share-Based Payments (Details) - Schedule of Share Based Payment Reserve £ in Thousands	6 Months Ended
	Jun. 30, 2023 GBP (£)
Schedule Of Share Based Payment Reserve Abstract
At January 1, 2023	£ 89,434
Adjustment to forfeiture rate	(2,156)
Share based payment charge – Incentive Equity Plan	12,026
Share based payment charge – SAYE scheme	93
Shares cancelled by forfeiture	(8,124)
At June 30, 2023	£ 91,273

Equity and Share-Based Paymen_5

Equity and Share-Based Payments (Details) - Schedule of Options Were Granted	6 Months Ended
	Jun. 30, 2023 shares
Incentive Equity Plan [Member]
Equity and Share-Based Payments (Details) - Schedule of Options Were Granted [Line Items]
Number	335,456
Grant date	01/01/2023
Expiry date	01/01/2033
Incentive Equity Plan – Executive Directors [Member]
Equity and Share-Based Payments (Details) - Schedule of Options Were Granted [Line Items]
Number	786,668
Grant date	01/01/2023
Expiry date	01/01/2033
Incentive Equity Plan [Member]
Equity and Share-Based Payments (Details) - Schedule of Options Were Granted [Line Items]
Number	112,150
Grant date	01/04/2023
Expiry date	01/04/2033

Equity and Share-Based Paymen_6

Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted	6 Months Ended
	Jun. 30, 2023 £ / shares
Incentive Equity Plan [Member]
Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted [Line Items]
Exercise price		[1]
Expected volatility		[1]
Dividend yield		[1]
Risk free interest rate		[1]
Incentive Equity Plan – Executive Directors [Member]
Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted [Line Items]
Exercise price
Expected volatility	83.10%
Dividend yield
Risk free interest rate	3.74%
Bottom of range [member] | Incentive Equity Plan [Member]
Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted [Line Items]
Fair value per share1	£ 1.98	[1]
Bottom of range [member] | Incentive Equity Plan – Executive Directors [Member]
Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted [Line Items]
Fair value per share1	3.39
Top of range [member] | Incentive Equity Plan [Member]
Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted [Line Items]
Fair value per share1	2.73	[1]
Top of range [member] | Incentive Equity Plan – Executive Directors [Member]
Equity and Share-Based Payments (Details) - Schedule of Fair Value of the Employee Share Options Granted [Line Items]
Fair value per share1	£ 4.64
[1] Considering that the Incentive Equity Plan awards vest over time without any further restrictions, the fair value is equal to the Company’s closing stock price as of the grant date.

Events After the Reporting Da_2

Events After the Reporting Date (Details) - Non adjusting Events Member [Member] £ in Millions, $ in Millions	Aug. 10, 2023 USD ($)	Jul. 31, 2023 GBP (£)
Events After the Reporting Date (Details) [Line Items]
Proceeds excluding value added tax amount (in Pounds) | £		£ 7.8
Top of range [member]
Events After the Reporting Date (Details) [Line Items]
Stocking facilities amount	$ 180
Bottom of range [member]
Events After the Reporting Date (Details) [Line Items]
Stocking facilities amount	$ 130