Just Eat Takeaway.com has announced its decision to withdraw its secondary listing from the London Stock Exchange, pointing to high operational costs, administrative challenges, and regulatory demands as primary reasons.
The company, known for its swift delivery services, emerged from the 2020 merger between London-based Just Eat and Amsterdam-listed Takeaway.com. Initially contemplating the removal of its Dutch listing, the company eventually maintained its dual listings until recently when it decided to cease its US listing in 2022. Following this, the London listing has now been prioritised for removal as the majority of the company’s trading activities occur in Amsterdam, the site of its primary listing venue.
A spokesperson from Just Eat Takeaway.com stated, “As we deliver our strategy to accelerate growth, we have been looking at enhancing efficiencies and made the decision to delist from our secondary listing venue on the London Stock Exchange.” This move underlines the company’s focus on streamlining operations and consolidating its market presence primarily in the Netherlands.
Despite the delisting, the UK remains a crucial market for Just Eat. The company emphasises its ongoing commitment to the region, particularly through its expansive network that reportedly covers 97% of the UK population. This network supports a vast array of grocery and restaurant partnerships, demonstrating the firm’s intent to maintain its leadership position in the country.
Additionally, Just Eat has completed the sale of its US subsidiary, Grubhub, to the start-up food delivery firm Wonder for $650 million (£502.5 million). This decision reflects a significant financial loss, as the company initially acquired Grubhub for $7.3 billion (£5.73 billion) four years ago. The sale concludes a lengthy process that initiated over two years ago when Just Eat first expressed its desire to divest from the US market, a strategy prompted by challenges that arose following the surge in demand for rapid delivery services during the pandemic.
The strategic decision by Just Eat to delist from the London Stock Exchange reflects its intent to consolidate operations and adapt to market demands efficiently, maintaining a strong presence in key markets such as the UK while realigning its focus in the aftermath of notable financial adjustments, including the sale of Grubhub.
