Colvin is going through a year of withdrawal. Like other companies in the technology sector, the flower delivery platform has been forced to cut structure due to the impossibility of raising venture capital in an unfavorable macroeconomic context.
The founders of the business, Andrés Cester and Sergi Bastardas, will step aside and the company will soon appoint a CEO. The change will occur after several modifications in the operation. This year, Colvin has applied an ERE to lay off 40% of its workforce in Spain, concentrated in the Barcelona headquarters. In total, the firm has laid off 75 people so that now the team is made up of 120 workers.
The layoffs are linked to the closure of the business division, which put wholesalers in contact with florists. In addition, the company has closed the German market. “We have made the decision because they were the two least profitable activities. In this way, we are now focused on the Spanish, Portuguese, Italian and French markets and we are dedicated solely to delivering flowers at home”, commented the founders.
With this withdrawal, the company plans to reduce losses and achieve net profit in 2025. To achieve this, it has obtained a loan of 6 million euros convertible into shares. The money has been contributed by the current shareholders, investment funds such as Eurazeo, Samaipata, P101 and Milano Investments.
This year, the company anticipates 15 million euros of income. Cester and Bastardas prefer not to share the evolution of the billing of previous years. According to the latest data available in the Mercantile Registry, the company invoiced 10.4 million euros and lost 14.5 million euros in the 2021 financial year.
