Cazoo Group, a leading online car retailer, is withdrawing from the European Union to concentrate on what it believes is the “enormous U.K. market opportunities over the long term,” according to a company statement.

The company’s decision to leave mainland Europe came at the conclusion of a recent strategic review of its EU business, which focused on a strategy to further preserve cash and position Cazoo to achieve profitability without requiring additional external capital. Continuing to scale its operations in Europe conflicts with those priorities, according to company officials.

The review determined that Cazoo focus exclusively on its core opportunity in the U.K. market, with its approximately 8 million used-car transactions valued at more than £100 billion annually.

Company officials believe growth in the U.K. remains strong, “with retail unit sales up more than 100% year-on-year in July and August, despite the challenging macro-economic backdrop.” They hope to capture a 5% or greater share of the U.K. market.

Cazoo will begin “an orderly wind down of its operations in Germany and Spain and is in consultation with its employee representatives in France and Italy.” A structured closure for customers, employees and suppliers will be determined. In addition, the company has notified the employee representatives and unions in each market.

The company expects a cash savings of over £100 million, net of any wind down costs, resulting from its withdrawal from the EU, by the end of 2023.