Deliveroo Cuts 350 Jobs

(RTTNews) - Takeaway delivery company Deliveroo (DROOF) has announced plans to cut around 350 jobs, or 9% of its workforce.

"We are starting a redundancy process across the company which could see around 9% of the company's workforce (approximately 350 roles) leave, although we expect this to be closer to 300 with redeployments. Roles at all levels of the company will be impacted," the company's CEO and Founder Will Shu.

Shu said the company had to take this decision due to increase in hiring in recent years fueled by demand for takeaways during the covid period.

"The world we operate in has changed. When Deliveroo launched 10 years ago we and our competitors focused relentlessly on growth. We invested heavily with the expectation that profits would follow in the future. As we have discussed many times during the last year, that future is now."

"We have also recently exited markets, meaning we do not require the same size workforce to support our operations. Quite bluntly, our fixed cost base is too big for our business," Shu said.