The food delivery business, and the technology companies leading the charge, have been hot-selling products at the Covid-19 disaster as people were inside and turned to apps to fill their stomachs with pre-made food. Now that that trend has cooled, these companies are feeling cold.
In recent developments, major trends and dramas continue to feed on Just Eat Takeaway, one of its major players in the international catering business. The company announced today that its chairman, Adriaan Nühn, is leaving the company today effectively as the company pushes for a review; and that COO, Jörg Gerbig, also left his role on the board because he was being investigated for inappropriate behavior – the company’s words, “possible personal misconduct.”
Just Eat Takeaway has also confirmed to TechCrunch that it is still exploring the options for the Grubhub transfer, with the U.S. business paying $ 7.3 billion to acquire it less than a year ago, June 2021.
“In April we confirmed that the administration now, together with its strategic advisor, is actively exploring the preliminary partnership and / or selling Grubhub, in whole or in part,” a spokesman told TechCrunch today. “The process is ongoing and will be announced whenever appropriate. There is no guarantee that such strategic actions will be agreed upon or at the time of such agreements. “
Just Eat Takeaway announced the two executive changes shortly before its general assembly, where they were both scheduled to reappoint for their role.
Although the two executive notices are not related to each other, they together contribute to the image of a company facing many challenges at the moment.
In part because business is under pressure, Just Eat Takeaway is clear to state that Gerbig’s investigation “is not related to financial obligations or reporting” but the result of a confidential complaint through a company feedback program where employees report allegations of misconduct.
Nühn’s departure, however, is directly related to the change in business waves and shareholders’ dissatisfaction with how it is being managed.
“The Governor’s decision to reduce it recognizes the concerns raised by our shareholders,” a statement said. “Their strong support is crucial to ensure the company focuses on the challenges and opportunities that lie ahead. We understand and share the concerns raised by our shareholders. We are working hard to address the proposed actions that the management trusts. will set Just Eat Takeaway.com to continue the success going forward. “
The big picture of Just Eat Takeaway is that the business need for food delivery is declining, and the acceleration of start-up companies that have raised hundreds of millions of dollars to build their business around it, leaving the public open for early growth, and then dancing play. When business rose during the epidemic, they all now feel the pain.
Just Eat Takeaway is on the Amsterdam stock exchange list, and its value was tuurid Over the last six months: It is currently near € 25 / share, near the lower end of its 52-week range (which is € 23.59 – 83.56), which is much lower than the price of the company when it was first arrested . The pressure already prompted general manager Jitse Groen last month to announce that the company was eyeing a plan to divert or partially sell its Grubhub business in the United States.
It is not the only company that sees the need for cooling. Uber major transportation company, with Uber Eats, this morning said his income in Q1, where she says her business is moving (e-hailing of cars and other activities based on riding) only broke its delivery business (including Uber Eats), $ 2.52 billion ($ 2.51 billion) respectively.
Uber’s overall pledges are still higher than active, $ 13.9 billion or $ 10.7 billion respectively, but growth in sectors tells a different story. Activity commitment increased 58% a year ago as more people enjoy social isolation again; while imports increased by only 12%.
Eating and Uber Eats are not alone. DoorDash is set to report its quarterly earnings tomorrow, and these will come at a time when it is also seeing a warm interest in its stocks. DoorDash is also developed business decline For the past six months, and its share price as of this writing, below $ 80 / share, it is also at the lowest end of the 52-week limit ($ 74.32 – 257.25).
And the picture looks very complex in Europe. Deliveroo, which was generally out of London a year ago, has also declined, now slightly more than £ 107 / share, as well lower end of the 52-week limit (£ 99.04 – 396.80). Yes Revenue Q1posted in April, showed total transaction costs, such as Uber Eats, increased by 12% – a far cry from 133% growth over the same period a year ago.
Just Eat Takeaway, executive releases and Grubhub sales news are also a big difference compared to Covid-19 trading day. Two years ago – in the midst of the Covid-19 disaster – the company quietly negotiated to buy Grubhub under the nose of Uber, which itself was also looking to acquire Grubhub as part of its larger economy. balance. Uber later acquired a very small sum of money from Friends Post, $ 2.65 billion in reserve, to fulfill its ambitious ambitions.
Now, who knows what the next few months will bring to each of them in terms of customer needs, whether they will follow through on their promise to make everything more effective through technology, and, because of all clearly listed, investors maintain appetite. how they work on these issues.