Grocery delivery app Getir is planning to leave the UK market with more than 1,000 jobs set to be at risk, Sky News reports.
The company, which was once valued at nearly £9.6billion, will no longer operate in the country, as well as in the Netherlands and Germany.
According to those involved in discussions, thousands of jobs across Europe are in the firing line, including approximately 1,500 in the UK.
The delivery service company, which currently has a multimillion-pound commercial partnership with Tottenham Hotspur, will reportedly outline its intention to leave the UK economy next week.
However, it is yet unclear the process through which Getir plans do so.
Sources report a sale of the business’ assets or an insolvency procedure could be involved but not decision is understood to have been made.
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The company is reportedly set to leave Germany and the Netherlands too
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Previously, the delivery app has denied that any form of insolvency would take place across the group or its subsidiaries.
However, it is understood Getir has recently drafted in restructuring advisors to examine the business.
Mubadala, the Abu Dhabi fund that is one of the company’s biggest shareholders, is currently being advised by AlixPartners.
If Getir were to leave the UK and other European markets, this would leave the app with operations only in the US and Turkey.
Just two years ago, Getir had a market value of $12billionn (£9.6billionn) and previously looking into acquiring rival firms which had faced financial trouble.
In the years that have passed, the company has since left a number of countries markets, including Italy and Spain.
This has been carried out in an attempt to mitigate losses.
Many technology companies have experiences have faced slumping valuations after the pandemic despite being considered trailblazers of the modern economy.
Households benefited from the delivery service during the pandemic
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In the early month of 2022, the company raised more than $750million in a funding round but this has not stopped its valuation from slumping since then.
Last September, the app company confirmed it will axe around 2,500 roles from its worldwide workforce, which is around 10 perc cent of jobs.
Originally founded in 2015, Getir made a name for itself by promising fast grocery deliveries, as well as other goods.
Over the pandemic, the wider delivery industry experienced a boom as more households relied on these services due to lockdowns.
