Getir quits England with multi-million pound Tottenham Hotspur debt | business news

Grocery delivery app Getir, which confirmed plans to exit the UK this month, has millions of pounds worth of outstanding debt to Tottenham Hotspur Football Club.

Sky News understands that Turkey-based Getir, whose three-year training kit sponsorship deal with Spurs expired at the end of the Premier League season on Sunday, owes the club close to £5 million.

News of the outstanding debt comes as Getir attempts to access an agreed tranche of funding from major investors Mubadala and G Squared to facilitate its exit from the UK, Germany and the Netherlands.

It was unclear this weekend whether the delivery app, which means 'to fetch' in Turkish, had the means to resolve its financial obligations to Spurs.

The company was once valued at around £10 billion, but its deteriorating finances forced it to return to its home market, cutting thousands of jobs.

The withdrawal from the UK puts around 1,500 jobs at risk, Sky News revealed earlier this month.

Companies like Getir have scored big wins during the pandemic, raising funding at astronomical valuations.

The decline highlights the declining value of technology companies once hailed as the new giants of food retailing.

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.

Getir and Tottenham Hotspur both declined to comment.

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