Just Eat Takeaway, Europe’s largest meal delivery company, is set to remove its listing from the London Stock Exchange in a bid to cut costs and streamline its operations. The company will retain its primary listing on Amsterdam's Euronext exchange, where it is headquartered.
In explaining the decision, Just Eat pointed to the administrative burden and expenses associated with meeting LSE regulatory requirements, combined with low trading volumes and liquidity in London. The delisting follows a broader review of where the company’s shares should be listed and mirrors its 2022 withdrawal from the Nasdaq stock exchange for similar reasons.
The announcement comes shortly after Just Eat sold its U.S. subsidiary, Grubhub, at a significant loss. The company has been grappling with declining demand following the pandemic-driven boom in online food orders, along with fierce competition from other delivery platforms.
Just Eat has provided the required 20-day notice for its departure from the LSE. Its shares will trade in London for the last time on December 24, with the delisting taking effect on December 27. After that, shareholders will need to trade their holdings on Amsterdam’s Euronext exchange.
The company advised London-based shareholders to consult their brokers and investment advisers to convert their shares into those eligible for trading in Amsterdam. It reassured investors that the delisting would not affect shareholders holding their shares in Amsterdam.
The decision to delist adds to growing concerns over the UK’s diminishing appeal as a global financial hub. London has struggled to attract and retain high-profile listings in recent years, with several companies opting for the U.S. or other European markets.
Claire Trachet, CEO of business advisory firm Trachet, called the lack of liquidity and trading volumes on the LSE “worrying.” She noted that London, once a leading global destination for listings, is losing its competitive edge.
Just Eat’s departure follows a string of high-profile delistings and decisions by companies such as Klarna to pursue IPOs in the U.S. instead of the UK. A survey by the Chartered Governance Institute UK & Ireland found that more than half of FTSE 350 company leaders expect the City of London to continue experiencing net delistings over the next five years.
A spokesperson for Just Eat framed the delisting as part of a broader strategy to reduce costs and enhance operational efficiencies. They emphasized that the UK remains a key market for the company, which now covers 97% of the country’s population.
