Robin's Diary
Robin Luscombe
Managing Director Luscombe Motors Ltd | 2022 Car Dealer Lifetime Achievement | 4 x Suzuki Dealer of the Year | 5 x AM Award Winner | Auto Trader Retailer of the Year 2018 & 2020 | 5 x Motor Trader Award Winner
Spend Spend Spend! Those of you who are old enough will remember Viv Nicholson who won ￡153,000 on the football pools in 1961, equivalent today to about ￡4m! She told the world she would spend, spend, spend! The money lasted 3 years and was gone!
This week, Cazoo, who 3 years’ ago had a stock market value of ￡5 billion, have spent up and called in the administrators, as they have run out of money.
Both were like kids in a sweet shop - in Cazoo’s case buying just about every sporting event, TV adverts and almost any company at any price to help grow, and build the business. But any business, like a building, needs strong and solid foundations, not pipe dreams. So the inevitable has now happened, not a month after this year’s Cazoo World Snooker Championship. It’s a great shame for the staff who worked at good businesses that Cazoo bought and are now in ruins - and a great lesson for the future, for those who are too young to remember Castleford’s record Pools winner!
“Don’t waste other people’s money on something you wouldn’t spend your own hard-earned cash on! Treat it like your own!!” Robin Luscombe