Yahoo Finance Getir’s 2022 losses finally revealed ahead of UK exit and 1,500 job cuts
Getir has only just published its UK accounts for 2022 – and they make for grim reading.
The online food delivery platform announced in April 2024 that it planned to exit the UK, Germany and the Netherlands as part of a restructuring plan which will see it solely operate in its home market of Turkey.
The move came after the Turkish headquartered firm, which was once valued at £9.5bn, pulled out of Italy, Spain and Portugal last year as demand for home grocery and takeaway services has shown signs of fading in a post-Covid market.
Last summer the business slashed 2,500 roles across its 23,000 strong workforce in its five remaining markets in the UK, Netherlands, Germany, the US and Turkey.
The announcement in April also put a further 1,500 jobs at risk.
Getir had been due to publish its UK accounts with Companies House for 2022 by the end of September 2023 but has only just done so.
According to the results, the company slumped to a pre-tax loss of £168m after having previously lost £116.1m in 2021.
The losses were incurred despite its turnover rising from £26.4m to £80m.
Getir is now due to publish its 2023 accounts by the end of September this year.
In a statement released in April, the business said: “Getir today announced its decision to exit the UK, Germany, the Netherlands, and the U.S. FreshDirect, the U.S. subsidiary of Getir, will continue its operations.
“Getir generates only seven per cent of its revenues from the markets it is exiting; this decision will allow Getir to focus its financial resources on Turkey.
“In parallel, Getir has raised a new investment round, led by Mubadala and G Squared. Getir will utilise these funds to bolster its competitive position in its core food and grocery delivery businesses in Turkey.
“Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands, and the U.S.”
