Cazoo has appointed administrators after the former British tech unicorn crashed into insolvency, putting more than 200 jobs at risk. The online used car business, which was founded by former Zoopla boss Alex Chesterman, on Tuesday confirmed the appointment of Teneo. It comes less than two weeks after Cazoo filed notice to appoint administrators, giving it temporary protection from creditors. The collapse marks a bitter end for Cazoo, which was once a darling of the British tech sector and was valued at more than $8bn (£6.3bn) after floating on the New York Stock Exchange in 2021. The heavily loss-making business came under pressure from rising interest rates and growing competition from rivals who copied its online sales model. More recently, it has been hit by a collapse in the value of used cars and fears that demand for electric vehicles has stalled. In March, Cazoo abandoned its strategy of owning all its used car stock and switched to a marketplace model, similar to Autotrader. Mr Chesterman also stepped down as chief executive last year, but stayed on as executive chairman. Matt Mawhinney, joint administrator at Teneo, said Cazoo’s new marketplace model was “performing ahead of expectations”. However, it has not...