Deliveroo founder defends company’s shambolic float and its business model in face of stinging criticism
Deliveroo’s founder has defended the company’s shambolic float and its business model in the face of stinging criticism.
Will Shu, who is also chief executive, has had a difficult couple of weeks after the takeaway delivery firm’s shares tanked on its stock market debut and large fund managers raised concerns over how its riders are treated.
But the 41-year-old was defiant, saying he was proud the company had listed in London and that investors will come to see the value in the long term.
On call: Will Shu has had a difficult couple of weeks after the takeaway delivery firm’s shares tanked on its stock market debut
‘It’s true we have faced a number of challenges over the past couple of weeks,’ he said. ‘I’m just focused on what I can control and I can’t control the short term share price. Maybe the conditions weren’t the best.’
He also defended the company’s business model, saying: ‘From my perspective we do what the riders want. They have a phone and a bike, they are working part-time and they log in and out whenever they want.’
But shares were back under pressure, falling 3.8 per cent, after the firm admitted growth will slow now that lockdown has ended.
Shu added: ‘The truth is that we don’t know how things will turn out in the UK and how much these new consumer behaviours will stick, but we are really positive.’