£10k bonus for riders as Deliveroo confirms intention to float

deliveroo london

Food delivery brand Deliveroo has confirmed its intention to list shares in the company on the London Stock Exchange.

The popular take away delivery firm, which operates in over 800 locations across 12 markets, announced that it is considering an initial public offering and that it intends to publish today a registration document. It made the announcement in a statement via the LSE’s news service RNS.

The listing could give the firm a potential valuation of up to £7.5bn.

Deliveroo CEO’s letter

In a refreshingly frank and honest letter, Will Shu, Founder & CEO of Deliveroo said he was just an ordinary guy who wanted a decent takeaway delivery service in London. 

“I never set out to be a founder or a CEO. I was never into start-ups, I didn’t read TechCrunch. I’m not one of those Silicon Valley types with a million ideas”, he said.

“I had one idea. One idea born out of personal frustration. An idea that I was fanatically obsessed with: I wanted to get great food delivered from amazing London restaurants.

“At the end of the day, I started the business because I wanted something better than what was available to me.  At the core, I am a customer. And that is how I will always view the world: through the lens of our customers – our riders, our restaurant & grocery merchants and our end consumers.

Shu said the company today operates in 12 markets right across the world; with 115,000 food merchants, over 100,000 riders and has millions of consumers.  

Commenting on the pandemic over the last year, Shu said: “I was sad to see many of our partners struggle – restaurant owners I’ve known for years face closure and ruin – all due to some terrible virus.  

“So we took action to help. We reached out, brought new technology to them, guided them through the new rules so we all stayed safe, provided more Editions kitchens, and made sure that they could get their food to their customers. 

“Together, we delivered almost a million meals to frontline NHS staff. It made me realise how far we had come. All of us working together – restaurants, riders, consumers and Deliveroo – working as one community.”

Customers to be offered chance to buy shares

He said that Deliveroo’s customers across the UK will be offered the chance to own a part of the business. 

“We are proud to be enabling our customers to participate in a future float and have the chance to buy shares. Your loyalty and custom has helped build our business. I want you to have a chance to share in our future.

Shu also promised to say ‘thank you’ to those who have been with him on his journey: the riders, restaurants and grocers. 

“We  intend to create a fund to support thousands of our partner restaurants and grocers to rebuild their businesses after the pandemic and reach more customers, so they remain cornerstones of our neighbourhoods. 

“And for our longest serving and hardest working riders – who have helped us to build this business – we intend to make individual payments of up to £10,000.