A former member of Ed Miliband’s shadow cabinet joins the board of directors of Cazoo, the used car retailer preparing to enter the U.S. stock market in a $ 7 billion deal.
Sky News has learned that Luciana Berger, who spent nearly a decade representing Labor and then Liberal Democrats as MP for Liverpool Wavertree, will be appointed on Tuesday as non-executive director of Cazoo.
Sources said Ms Berger, who will chair the company’s environmental, social and governance (ESG) committee, would become the third prominent woman to be appointed in as many weeks.
The former MP will join Anne Wojcicki, the founder of genetic testing company 23andMe, and Moni Mannings, who sits on the boards of easyJet and Hargreaves Lansdown, as director of Cazoo.
Ms Berger’s appointment will come a year after joining Edelman, the consultancy firm, as Managing Director of Advocacy and Public Affairs for its UK operations.
Cazoo shares are expected to start trading in July after the firm’s merger with Ajax I, a special purpose acquisition company (SPAC) created by hedge fund mogul Daniel Och, is finalized.
The £ 5 billion merger, devised by Cazoo founder Alex Chesterman, was a stunning valuation for a company that has only been in business for just a year.
Cazoo’s board also includes Lord Rothermere, executive chairman of the Daily Mail and the General Trust, one of the auto retailer’s early investors.
One investor described the roster of directors as “impressive,” adding that the current control of companies acquired by PSPC meant that there would be an intensive focus on how their boards were fulfilling their obligations in the future. corporate governance.
Cazoo, which sponsors Premier League football clubs Aston Villa and Everton, as well as the England and Wales Cricket Board’s new Hundred format, sold over 20,000 vehicles in its first year of operation.
The company says it aims to make buying a car “no different from any other product online today, where consumers can simply and seamlessly purchase, finance, or subscribe for a car entirely online for delivery or collection in as little as 72 hours “.
Announced in March, Cazoo’s merger with Ajax I was among the largest PSPC deals to date involving a UK-based company.
Prior to the deal, the company had already raised £ 450million from a range of blue chip investors – an incredible amount for a UK start-up founded just two years ago – such as D1 Capital Partners , Fidelity and General Catalyst.
Mr Chesterman will see his roughly 30% stake in the company worth around £ 1.5bn, while the publisher of the Daily Mail is also said to have a 20% stake worth around £ 1 billion.
The founder of Cazoo said the company’s IPO in New York made more sense than listing it in London, where, he said, stock investors are skeptical of loss-making tech companies but rapid growth.
Cazoo declined to comment on Ms Berger’s appointment on Monday.