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Just Eat is considering selling US business as forecast cut

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Just Eat Takeaway said it was considering selling some or all of its Grubhub unit as the food delivery company struggles with the end of the pandemic.

The Amsterdam-based company said in a statement that it is reviewing strategic moves for the US division, which it bought for $7.3 billion last year.

It also trimmed its forecast for 2022, now saying gross transaction value will rise by a mid-single-digit percentage point year over year, compared to a previous estimate for a mid-teen percentage point increase.

After attracting a surge in demand as lockdowns took hold in its key markets, Just Eat said it was losing an unusually high number of consumers.

Shares have plummeted over the past year as investors lost confidence in the company’s strategy.

Since October, Just Eat has announced it will bring its Grubhub division into the industry consolidation while also announcing a turnaround strategy that includes expanding into grocery and building its own courier network.

Shareholders want to see quicker action on its assets and have urged the company to provide clarity on how it is developing other parts of the business.

Pressure on the company increased last week when investor Lucerne Capital Management announced that it would vote against reappointing the food supplier’s chief financial officer and supervisory board at its annual general meeting in early May.

https://www.independent.ie/business/world/just-eat-considers-selling-us-business-as-forecast-cut-41569109.html Just Eat is considering selling US business as forecast cut

Fry Electronics Team

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