Grocery delivery app Getir prepares to enter UK market | business news

Grocery delivery app Getir, once valued at nearly A$12 billion ($9.7 billion), is close to shutting down its operations in the UK in a move that will spark concerns about the loss of well over 1,000 jobs.

Sky News has learned that Getir is preparing to announce that it is pulling out of the remaining three European markets – the UK, Germany and the Netherlands – next week.

A total of thousands of jobs would be at risk, including about 1,500 in Britain, according to people familiar with the situation.

It was unclear how Gettier, who has a multi-million pound commercial partnership with Premier League side Tottenham Hotspur, plans to leave England on Friday.

Insiders said no decision has yet been made but it could involve asset sales or bankruptcy proceedings.

Getir has previously denied that the group or its subsidiaries were likely to go bankrupt in any form.

The company is known to have recently drafted a restructuring advisory committee, and is reportedly receiving advice from Alix Partners, the Abu Dhabi fund Mubadala, one of its largest shareholders.

Image: Training kit from Getir sponsor Tottenham Hotspur. Photo: Alex Morton/Tottenham Hotspur FC/Shutterstock

Getir's plans to leave the UK and other markets will see it operate only in the US and Turkey.

Ultimately, the company is expected to pursue business only in Türkiye, where it was established.

Getir, which means ‘to bring’ in Turkish, has expanded at breakneck speed to become the world’s most valuable rapid delivery platform.

Sky News reported earlier this week that the company was considering selling a series of assets, including FreshDirect, the US-based online grocer it acquired late last year, as part of an effort to repair its balance sheet.

Getir was valued at nearly $12 billion (£9.7 billion) just two years ago and has been trying to acquire several competitors facing financial problems.

The company has already withdrawn from several countries, including Italy and Spain, to cut its losses.

The retreat highlights the declining value of technology companies once hailed as new behemoths of major economies.

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As well as Mubadala, Getir is backed by prominent technology investors including Sequoia Capital and Tiger Global.

The company was one of the hottest startups of the pandemic, as financiers poured billions of dollars into businesses they believed would benefit from structural changes in the economy.

It raised more than $750 million in a funding round in early 2022, but its valuation has declined since then.

Last September, Getir announced a significant downsizing of its workforce, cutting about 2,500 jobs, or about 10% of its global employee base.

Founded in 2015, Getir was one of the companies promising rapid delivery of groceries and other essential products to city-based consumers.

The industry has seen sales explode during the coronavirus crisis as new trends such as working from home fuel investor confidence that the boom is sustainable.

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

Getir itself acquired Gorillas in a $1.2 billion stock-based deal that closed in December 2022.

“Gettier does not comment on rumors as a matter of principle,” a spokesperson said Friday.

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