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Morning Briefing for pub, restaurant and food wervice operators

Mon 22nd Mar 2021 - Deliveroo IPO admission could be priced at up to £8.8bn
Deliveroo IPO admission could be priced at up to £8.8bn, as its sets price range: Deliveroo’s initial public offering has been set at £3.90 to £4.60 per share, implying an estimated market capitalisation at admission of between £7.6bn and £8.8bn. The offer will consist of up to 384,615,384 shares (excluding any over-allotment shares). Will Shu, founder and chief executive of Deliveroo, said: “We are proud to be listing in London, the city where Deliveroo started. Becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers, bringing them the food they love from more restaurants than ever before. This will help us in our mission to become the definitive food company. We have seen a strong start to 2021 and we are only at the start of an exciting journey in a large, fast-growing online food delivery market, with a huge opportunity ahead.” The company also provided an update on trading for the two-month period January and February 2021 versus the comparable period in 2020. It said gross transactional value (GTV) – the total value of transactions it processes on its platform – increased 121% year-on-year at the group level in the period. GTV in the UK and Ireland grew by 130% year-on-year and GTV in the group’s other markets was up 112% year-on-year. This follows the company’s registration document, published on 8 March 2021, which showed GTV grew 64% in 2020. Fourth quarter 2020 run-rate GTV amounts to more than £5bn. In 2020, the company said underlying gross profit margin as a percentage of GTV grew from 5.8% in 2018 to 8.8%, “demonstrating fast growth underpinned by strong unit economics”.

Pure launches membership service: Healthy food-to-go concept Pure will today (Monday, 22 March) launch Pure+more, a new membership service that offers 20% off all its food and drink, every time members click and collect via its website or app. The company said there’s no limit to how many times customers can take advantage of the discount. It said an average spend of £20 over the course of a week, “could save more than £200 a year with greater orders offering greater value”. The first month’s subscription is free, then £4.99 a month. Members can order discounted items across the entire Pure range from breakfast eggs and coffee to salads, wraps and hot boxes and fresh smoothies and juices. On top of the discount, the Pure+more membership also rewards loyalty, with members getting access to exclusive offers and personalised rewards. Pure+more will also offer a “refer a friend” scheme. For every person they invite who places a click and collect order, both receive £5 off their next order. Pure founder and chief executive Spencer Craig said: “We have all faced a really challenging year and as our customers start to return to our shops, we believe more than ever they deserve an exceptional experience with us. The Pure+more pioneering membership scheme allows us to reward our loyal customers with incredible value while offering speed, convenience and efficiency alongside our best ever breakfast, lunch and coffee.” The company has also set out its reopening programme. From today, customers will be able to visit 12 of Pure’s London-based sites for a takeaway, or pre-order food from Pure’s new digital click and collect service. Another six sites will reopen on 12 April – in Goodge Street, London Bridge Street, Paddington Central, Philpot Lane, Shaftesbury Avenue and Victoria Street.

Premium subscribers to receive most comprehensive multi-site operator database in sector on 31 March: An updated list of UK multi-site operators, the most comprehensive database in the sector, is almost ready and if you are a Propel Premium subscriber, the list will be with you on Wednesday, 31 March. A new multi-site list will then be sent to Premium subscribers at the end of each month with a report on new companies and changes in the list, which stands at 1,629 companies. It provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different, and what each business specialises in. In a new feature this year, there is a synopsis of what the business does and significant news associated with it. The list will then be updated at the end of each month. Being a Propel Premium subscriber not only entitles you to the most comprehensive list of businesses in the sector today; those signed up also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out, regular video content, and regular exclusive columns from Mark Wingett. An annual premium subscription costs £395 plus VAT for operators and £495 plus VAT for suppliers. Email to sign up.

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