Tue, 09 Mar 2021 | BUSINESS NEWS
UK-based takeaway delivery app Foodhub is hoping to raise £100 million in private equity funding to drive its global expansion and grow through acquisitions. The Stoke-on-Trent company has already expanded across numerous continents through acquisitions, including the USA, Mexico, New Zealand and, most recently, Australia.
Founded in 2017, Foodhub has rapidly emerged as a genuine challenger to industry giants Just Eat and UberEats. The company works with 22,000 restaurants, more than UberEats’ 18,000, and has seen its turnover rise from £3 million to nearly £30 million since 2017.
Like many delivery companies, the company experienced huge growth last year as the COVID-19 pandemic forced restaurants to close and drove demand for food delivery up by around 66 per cent. So far, this trend has continued in 2021, with the company reporting month-on-month order growth.
The 700-strong company is now looking to scale up this expansion and continue its acquisition drive with a £100 million fundraising. Chief Financial Officer Mohamed Chaudry said: "Foodhub is a truly global company, and now we have footholds in dozens of countries we're looking to expand our offering in each territory fast.”
"The £100m of private equity funding will help to bring smaller takeaway aggregators under the Foodhub banner through acquisitions, as well as help us to scale up our operations in each location."
CEO Ardian Mula added: "The reason we've been able to go from tech start-up to a major player in the industry is because we have a completely unique offering: we're the only large takeaway app to offer a 0 per cent commission model, meaning that its cheaper and more manageable to trade through Foodhub than it is through other apps.”
"It's our mission to support independent businesses all around the world, and the more we grow, the more business owners are learning just how Foodhub can help them thrive."
Find businesses for sale here.
If you are looking for an exit, we can help!
The business has been under the current ownership since 2020. The business is split up into 2, with the Pizza shop/Dine in area downstairs and the Cocktail bar on the first floor. The premise has an alcohol licence in place.
LEASEHOLD
This well-known public house was first established back in 1924, and has been under the current ownership since 2009. The business has now come to the open market as it's the owners' desire to semi-retire.
LEASEHOLD
This is an award winning, licensed restaurant, that is situated in a hugely desirable town within West Sussex. Established in 2008, the restaurant has a huge reputation locally and the new owner is going to benefit hugely from the goodwill attached t...
LEASEHOLD
|
30
|
|
Sep
|
Administrators seek buyer for pie maker’s manufacturing sites and other assets | ADMINISTRATION
Administrators from FRP are seeking a buyer for a longstandi...
|
29
|
|
Sep
|
Wetherspoons to sell 32 pubs as costs rise | COMMERCIAL PROPERTY
Pub chain JD Wetherspoon has announced that it will sell 32 ...
|
28
|
|
Sep
|
Assets to be sold after collapse of black plastics recycling firm | ADMINISTRATION
Administrators are seeking to sell the assets and intellectu...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources