“I never sat down as founder or CEO. I was never interested in start-ups,” says Will Shu, founder of the food supply chain, Deliveroo.
His comments came as the firm outlined its plans to issue shares to the public, which could value it at $ 7 billion.
Deliveroo has not yet made a profit and reported a loss of £ 223.7m. For last year despite an increase in sales.
In the float, the busiest riders will share in a fund of 16 million. £, and customers also get the chance to buy shares.
They get the chance to buy up to £ 1,000 in shares each in the company, but if they are in high demand, they may see their orders reduced.
Sir. Shu’s letter, contained in the official announcement of the intention to float, also states: “I’m not one of those Silicon Valley types with a million ideas. I had an idea.
“At the end of the day, I started the business because I wanted something better than what was available to me.”
Deliveroo said last year’s gross transaction value – the total number of transactions it processes on its platform – jumped 64.3% to £ 4.1bn. From £ 2.5 billion In 2019.
However, the company remains loss-making, although its underlying loss for 2020 is reduced to £ 223.7 million. From £ 317.3 million In 2019.
Demand for takeaway meals has risen during the coronavirus pandemic after lockdown measures were first implemented a year ago and restaurants have been forced to close.
Restrictions on hospitality businesses in the UK are currently set to start easing at 12 ril at the earliest.
As part of the flotation, riders at Deliveroo’s 12 markets who have worked with the company for at least a year will receive a bonus of either £ 10,000, £ 1,000, £ 500 and £ 200 depending on the number of orders they have delivered.
Deliveroo also said it would provide shares worth £ 50m to customers who would be able to register their interest through the company’s s.
Share structure
The shares will be listed on the London Stock Exchange, where Will Shu plans to maintain a better grip on how the company is run than has traditionally been the case for London-listed companies.
Under a proposed dual-class share structure, each share held by Shu will have 20 times the voting rights of ordinary shares.
A recent government review commissioned by UK listing rules recommended a number of measures to make the country a more attractive place for businesses to float.
The review, led by former EU Commissioner Lord Hill, recommended the authorization of different share classes with different voting rights.
Larger technology companies such as Facebook and Google owner Alphabet have so-called dual-class shares.
