Cardiff is set to witness a significant corporate relocation as one of its major employers announced a move to a new headquarters just yards away from its current location. MotoNovo Finance, a car financing company that is part of the Aldermore Group, has decided to shift its headquarters from One Central Square to the adjacent Two Central Square building in the heart of Cardiff. This move, which will see MotoNovo occupying 28,000 sq ft of space in the new building, comes as part of a strategic shift for the company. With a workforce of 600 employees, the relocation is expected to have a significant impact on the local business landscape.
The decision to move to Two Central Square follows the efforts of law firm Hugh James, which had previously put 40,000 sq ft of space in the building on the market in 2023. After successfully subletting space to financial services firm RBC Brewin Dolphin, the agreement with MotoNovo brings the occupancy of the marketed space to full capacity. With Cardiff University’s school of journalism also housed in the Two Central Square building, the new headquarters promises to be a hub of diverse corporate activities. The terms of the sublet agreement between MotoNovo and Hugh James have not been publicly disclosed, signaling a confidential aspect to the deal.
As MotoNovo prepares to complete its relocation to Two Central Square by the end of the next month, another significant player in the professional services sector is eyeing the vacant space at One Central Square. Professional services firm PwC is poised to expand its operations in Cardiff by relocating from its current offices at One Kingsway to its newly acquired 40,000 sq ft space at One Central Square. This move is expected to facilitate the creation of several hundred new jobs by PwC in the coming years, signalling a positive outlook for economic growth and job opportunities in the city.
The real estate shuffle in Cardiff’s central business district is also reflective of broader regulatory challenges facing the car finance industry in the UK. MotoNovo, along with other key players like Close Brothers, is facing potential multi-billion-pound claims following a Court of Appeal ruling that mandated car finance providers to disclose the commissions earned by car dealerships on loans. As MotoNovo and Close Brothers gear up to appeal the ruling in the Supreme Court, the UK Treasury has intervened in the case to balance consumer redress with the stability of the motor sector, underscoring the complexity of regulatory issues impacting the industry.
The relocation of MotoNovo Finance highlights the company’s commitment to Cardiff as a strategic business hub, reinforcing its long-term presence in the city. With a modern and flexible workspace at Two Central Square, MotoNovo aims to foster greater collaboration, innovation, and growth within its organization. The move signifies a new chapter for MotoNovo as it adapts to changing market dynamics and positions itself for future success in the competitive car financing sector.
In conclusion, the corporate relocation of MotoNovo Finance to a new headquarters in Cardiff signifies a significant development for the city’s business landscape. As the company prepares to transition to Two Central Square, the move is expected to create a ripple effect in the local economy, with opportunities for job creation and business expansion on the horizon. With regulatory challenges in the car finance sector adding a layer of complexity to the industry, MotoNovo’s strategic relocation underscores its resilience and commitment to growth in a dynamic market environment.