Delivery giant Just Eat has made the decision to quit the London Stock Exchange in order to save costs, in the latest blow for the City.
In the latest blow for the UK’s international financial standing, Just Eat has said it will delist from the London Stock Exchange (LSE) and list in Amsterdam instead in a bid to save costs.
Just Eat said the decision to delist came after a review into where its shares should be listed.
It cited the “administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining the LSE listing,” as well as low liquidity and the trading volume of its shares.
This comes just weeks after Just Eat announced it would be selling its US arm Grubhub at a considerable loss just four years after buying the app for in a multi-billion pound deal.
Just Eat’s last day on the London Stock Exchange will be on December 24. Given the closure of the LSE for Christmas, its delisting will come into effect on December 27.
A spokesperson for Just Eat said the London delisting was part of its “strategy to accelerate growth” as the company looked at “enhancing efficiencies,” and the UK continued to be a key market. They added: “With our network now covering 97% of the UK population, we remain committed to continuing our investment and cementing our leadership position in the country.”
Just Eat quit the tech-focused US Nasdaq in 2022, also blaming the “complexity and cost” associated with a listing there.
The food delivery giant’s decision to walk away is another blow to the UK’s blue chip index, coming weeks after buy now, pay later giant Klarna chose to float in the US instead of on the LSE.
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