Getir shareholders back break-up of food delivery group

24 June 2024, 05:15 | Updated: 24 June 2024, 10:00

Investors in Getir, the food delivery group which is abandoning its UK operations, have approved a break-up of the company that will trigger a fresh capital injection of up to $250m (£197.5m).

Sky News has learnt that Getir, which is based in Turkey, held an extraordinary general meeting on Sunday at which shareholders backed plans to split it into two independent companies.

The first will consist of its food and grocery delivery operations in Turkey, and will be majority-owned and controlled by Mubadala, the Abu Dhabi state investment fund.

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This business will be led by Batuhan Gultakan, a current Getir executive, while Nazim Salur, the company's founder, will have no active involvement in it.

Instead, Mr Salur will run the other standalone business, comprising Getir's other assets, including Getir Drive and BiTaksi, the ride-hailing services.

Getir's withdrawal from the UK and other European markets, confirmed in the spring, represented a full-scale retreat for a company once-valued at nearly £10bn.

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Insiders said that as part of the restructuring, Mubadala had agreed to inject up to $250m into the company, both to facilitate the orderly wind-down of its UK and European arm and to invest in growing its Turkish food delivery business.

Mubadala is said to be optimistic about the outlook for the Turkish market, and that the restructuring would leave the company in a much stronger position, according to another source close to the situation.

Part of the funding could be used to repay outstanding liabilities, which are understood to include several million pounds owed to Tottenham Hotspur FC, whose training kit it sponsored.

Hundreds of jobs are being lost in the UK as a result of the closure of Getir's business.

Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.

Its decline highlights the slumping valuations of technology companies once-hailed as the new titans of food retailing.

Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.

Getir, whose name means 'to bring' in Turkish, bought rival Gorillas in a $1.2bn stock-based deal that closed in December 2022.

Getir could not be reached for comment, while Mubadala declined to comment.