Cazoo opens offices in 22@ with space for 200 workers

The online car sales company Cazoo sets its corporate headquarters for Spain in Barcelona. The British firm, which is listed on the Nasdaq in New York, has rented offices with capacity for 200 people in the 22@ district. The announcement coincides with the company's decision to lay off 750 people across Europe due to the need to reduce costs in the face of a possible recession.

The location in Barcelona is for Cazoo another step in its positioning in the city and the expansion of its business in Spain, where it entered at the end of last year with the purchase of the Barcelona-based car rental and subscription car company Swipcar.

Cazoo's choice has prioritized the most technological area of Barcelona, ​​where Swipcar was also located. Specifically, the British firm has rented for the next two years an area of 1,000 square meters in the coworking Aticco Bogatell, on Pallars street. Since the acquisition of Swipcar, which had a staff of one hundred workers, "there have been numerous additions in recent months and we want to ensure space for up to 200 people, including current staff and future additions," company sources assure.

The company was founded in 2018, in London, by entrepreneur Alex Chesterman. Since then, it has sold more than 70,000 vehicles online, according to company sources.

The workspace is equipped with a series of optimal services for work teams and facilitates contact with the technological ecosystem of the area, according to the company. The building, with 8,980 square meters distributed over eight floors, has among its tenants the College of Marketing, Communication, Advertising and Public Relations of Catalonia and is also the activity center for startup acceleration and open innovation programs of AticcoLab, the entrepreneurship support platform of the coworking operator.

In a few months, Cazoo has made it clear that its commitment to Spain is strategic, as its fourth market after its entry into Germany and France. At the beginning of 2022, the company became the main sponsor of Valencia CF, starting next July 1.

Known as the Amazon of used cars, Cazoo began trading on the New York Stock Exchange in August 2021, raising more than $1.4 billion. Last November, the company was worth $7 billion on the stock market, but in recent months this figure has plummeted, falling below one billion dollars. Thus, since the November highs (10 euros per share), the shares have fallen by 87%, to close at 1.29 euros this Tuesday. Given the increase in inflation and economic uncertainty, the company has activated a plan to cut 200 million pounds in costs and lay off 750 workers. "The combination of rising inflation and interest rates with supply chain problems caused by the pandemic and the war has increased the cost of living and affected consumer confidence. We are facing a perfect storm," Chesterman said this week.