At what stage was Just Eat Takeaway created and what role does Spain play in its business?
The group closed last year with adjusted EBITDA [resultats abans de restar-ne impostos i altres despeses comptables] A positive of 324 million, which is a very large increase compared to the previous year. Free cash flow turned positive in the second half of the year. It highlights sector growth in the UK, Ireland and Northern Europe. In the south, where Spain is located, much emphasis has been placed on profitability.
What financial data can they share regarding Spain?
We publish results by sector (Americas, UK, Ireland, Northern and Southern Europe). In terms of EBITDA, Southern Europe rose from around 200 million in negative territory two years ago to closing 2023 in less than 100.
How can you achieve profitability in a millimeter-scale business like yours?
It is true that margins are very low and labor costs are very high. In addition, the existing recruitment model in Spain is expensive. The problem is that not everyone is hiring, and this is an ecosystem that’s a little dark in its operation, but very clear in terms of how it should be. Having to pay Social Security is not the same as not having to pay. Having to pay for the time the delivery guy spends between orders, which he doesn’t.
Some riders are self-employed. Do they lack workers for their model?
We conduct employee satisfaction surveys on both employees and delivery staff and find that they are happy and that they appreciate what it means to be employed. One problem we see is that we fail to hire in many cases due to lack of paperwork. A lot of people get caught up in the processes when we ask for an ID card or a work permit… That’s why, when I see people who are happy with the other form, I wonder if they’re happy or unfortunately can’t get into the one they’re using.
Have you thought about moving to the standalone model?
It would be like being in a traffic jam, seeing that there are no cars in the opposite direction and starting to drive half a kilometer down that lane to see if they won’t catch you. I can’t think about that. The law is so clear that, with two Supreme Court rulings, an applicable law, and now a European directive, it is meaningless. Regulatory compliance is essential to be able to create and create the industry of the future.
But the group works with independents in other countries…
In jurisdictions where a courier number is legally relevant, such as the USA, Canada, UK… As a group, we choose the model that best suits our needs in terms of cost or salaries.
Did you know that the parent company has considered leaving Spain for the sake of the business model?
Spain plays a very important role for the company within the southern sector, so I would say it is a strength [el model de contractació]. We are ready to work with the environment we have in a completely legal manner.
Where is your growth strategy at the moment?
Restaurants will continue to be the core and focus of our strategy, but we are also focused on serving the community [negoci del] Right Time Our mission as a group has changed to be the company that delivers everything that fits into a backpack in a very short time.
What is the strategy in this area?
We study different sectors and see what are the urgent needs of people, because there are many options to receive orders in one, two or three days. What makes people need immediate things? This is where we want to end up.
Where do you see Just Eat in five or six years?
Finally, in a stable work environment. I hope that in a few years we will forget these years of madness and have a working environment with clear rules. As users, speed will be key, and we will order things faster every time.
And with the company being profitable, right?
naturally. If things go as they should and we all do things right, things will stabilize and go back to normal.
Isn’t it dangerous to rely on others to do things right when there doesn’t seem to be any intention of doing so…?
I am optimistic. Justice has its moments, but it is relentless. We have a long way to go, the rules are clear, so normalcy will prevail.
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