Just Eat Takeaway considers selling US arm Grubhub as orders fall
Just Eat Takeaway is considering selling off its Grubhub arm after reporting a decline in orders compared with bumper levels during Covid lockdowns.
The takeaway delivery specialist said orders dropped by 1% to 264.2m in the first three months of 2022 as it struggled against pandemic-boosted levels from last year. As a result, it reduced its transaction value and earnings forecasts for the year.
The Netherlands-based Just Eat agreed to buy the US-based app Grubhub for $7.3bn (£5.8bn) in June 2020 in a deal completed last year that created the world’s largest food delivery service outside China.
Jitse Groen, Just Eat’s chief executive, said: “Our priority for 2022 lies in enhancing profitability and strengthening our business.
“We expect profitability to gradually improve throughout the year, and to return to positive adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) in 2023.”
Groen said the company would consider a sale rather than a partnership of Grubhub, adding that there was no guarantee talks would lead to a deal.
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