|Public limited company|
|Traded as||LSE: JE.|
|Industry||Online food ordering|
|Founder||Jesper Buch, Per Meldgaard and Henrik Østergaard|
|Headquarters||London, England, UK|
|Mike Evans (Non-executive Chairman), Peter Duffy (interim CEO), Paul Harrison (CFO)|
|Revenue||£779.5 million (2018)|
|£110.3 million (2018)|
|£79.9 million (2018)|
Just Eat plc is an online food order and delivery service. It acts as an intermediary between independent take-out food outlets and customers. It is headquartered in London, England and operates in 13 countries in Europe, Asia, Oceania, and the Americas. The platform enables customers to search for local take-out restaurants, place orders and pay online, and to choose from pick-up or delivery options.
Five Danish entrepreneurs, including Jesper Buch, founded Just Eat in Denmark in 2000 and launched the service in August 2001. In 2005 the technology entrepreneur Bo Bendtsen (co-founder) bought out all the founders and initial investors apart from Jesper Buch and moved the company to the UK. Jesper Buch moved to the UK as part of the buyout in 2006 and hired David Buttress to launch Just Eat UK in March. The international expansion from the UK headquarters started with the Netherlands launched in July 2007, and was followed by Ireland in April 2008.
In January 2011, Just Eat established a joint venture in India. In February, the Group raised £30 ($48) million from their Series B investment, enabling it to make 7 acquisitions in the next year:
- 4 partnerships to launch new countries with local operators: www.eat.ch in Switzerland in April, ClickEat in Italy in May, RestauranteWeb in Brazil in June and Alloresto in France in December;
- 3 acquisitions to solidify its presence in the UK (Urbanbite to get into the corporate market) and Canada (YummyWeb purchased in April to cover the region of Vancouver and GrubCanada in October for the Ontario and British Columbia markets).
In April 2012, Just Eat further consolidated its position in the UK by acquiring fillmybelly.com. A week later, Just Eat announced its £40 ($64) million Series C funding round. The funds were partly used to launch the Don't Cook rebranding campaign in the UK and to acquire in October its main competitor in Spain, SinDelantal. After nearly five years at the helm of Just Eat, the group CEO Klaus Nyengaard stepped down in February 2013 and was replaced in May by former UK MD, David Buttress.
On 3 April 2014, Just Eat floated on the London Stock Exchange. In July, Just Eat increased to 80% its stake in Alloresto. In September, Just Eat merged its Brazilian business, RestauranteWeb, with one of its competitors, iFood, to form the joint venture IF-JE in which Just Eat had a 25% stake. In February 2015, Just Eat sold to FoodPanda its investments in their Indian JV, and continued its expansion in the Americas by launching Mexico, via a 100% acquisition of SinDelantal, and increased its stake in IF-JE, the Brazilian JV with iFood.
In May 2015, Just Eat announced that it would buy Menulog, an Australian food ordering company for $855 million Australian dollars, and would fund the deal by issuing new shares. In July 2015, Just Eat acquired Orderit.ca, a Canadian online food ordering company, further solidifying its presence in Canada. In August 2016, Just Eat sold its operations in the Benelux (The Netherlands & Belgium) to its Dutch competitor Takeaway.com for €22.5 million euros. In December 2016, Just Eat announced that it was acquiring hungryhouse from Delivery Hero for £200m (with the possibility of a further 40m if the company hits performance targets), this deal still needs to be approved by the Competition and Markets Authority. On 12 October 2017, CMA gave a preliminary approval for Just Eat to acquire its smaller rival.
Just Eat Ireland launched in April 2008. In November, Just Eat acquired 250 restaurants from Eatcity.ie. Just Eat Ireland recently commissioned economic consultants DKM to carry out research on the Irish restaurant industry and found that nearly €1.5bn was spent on takeaway/delivered food by Irish consumers in 2015. DKM said that takeaway services currently account for 57% of restaurant sales and the sector is likely to grow by 17% in the next four years.
Just Eat entered into the North American market in July 2009, bolstering its Canadian operations with the acquisition of YummyWeb (Vancouver) in April 2011, GrubCanada (Ontario) in October 2011 and OrderIt.ca in July 2015. In December 2016, Just Eat acquired SkipTheDishes for an initial, C$110 million. A further cash amount of up to C$90 million may also be payable, subject to certain financial targets being met in 2018 and 2019. SkipTheDishes operates a food delivery service that allows customers to order from a variety of local and national chain restaurants using the SkipTheDishes website or mobile phone app. The service is widely available across most larger centres in every province in Canada, but is only present in a limited number of American cities including St. Louis, Omaha, Buffalo, Cleveland, Columbus, and Cincinnati. SkipTheDishes is headquartered in Winnipeg, Canada.
Just Eat India was founded on 26 July 2006, as HungryBangalore, by Ritesh Dwivedy. In August 2008, HungryBangalore was renamed as HungryZone. HungryZone received a first round of funding raised from the Indian Angel Network. On 17 January 2011, HungryZone announced a partnership with Just Eat. Just-Eat bought a 60% stake in HungryZone. Just Eat disposed of its shares in its India business in January 2015.
In July 2009 Just Eat received their first Series A investment funding. Index Ventures and Venrex Capital invested £10.5 million into Just Eat Holdings Ltd. The new investment capital enabled Just Eat to increase their expansion into other markets and further develop the business. In March 2011 a second round of investment saw two leading US venture capitalists, Greylock Partners and Redpoint Ventures invest £30 million. Greylock Partners have previously invested in Facebook, LinkedIn and Wonga. In April 2012, a third round of investment saw Vitruvian Partners and existing backers, Index Ventures, Greylock Partners and Redpoint Ventures, invest a further £40 million in Just Eat Holdings Ltd.
In January 2019 the company bought Flyt, the startup with software for restaurants and food suppliers. The acquisition cost £22 million.
In 2016, Just Eat UK rebranded (including a new logo) by tweaking their branding completely, with a vision to "create the world’s greatest food community".
TV advertisements UK
In late 2009, Just Eat UK began their first television marketing campaign. The adverts starred Just-Eat’s mascots ‘Belly’ and ‘Brain’ and were narrated by Bernard Cribbins. The first two adverts entitled “Attention Please” and “Down and Up” ran throughout 2010. At the start of 2011, a second wave of ‘Belly and Brain’ TV adverts were created, entitled “Listen and Learn” and “Boxing Clever”.
Following a complete overhaul of their global brand positioning and launch of the Don't Cook Just Eat brand campaign in September 2012, Just Eat launched a new series of TV ads. The adverts introduce audiences to Mr Mozzarella AKA “The Mozz”, Ms. Neilly, Mr Basmati, Mr Sweet and Mr Sour, Mr T-Bone, Mr Sashimi and Mr Halloumi – a hapless, motley crew of rebellious takeaway chefs, who will stop at nothing to prevent amateur chefs from cooking at home. The ads, including "Leave Cooking to Professionals", "Cooking is Dangerous", "Cookbooks," "Turn back, Cicciolina" and "The Fridge" will also air.
In May 2014, it was announced that Just Eat would be the primary shirt sponsor for Derby County Football Club for the 2014–15 season. The sponsorship lasted for three years until the end of the 2016-17 season.
On 1 July 2015, Just Eat became the primary shirt sponsor for Oud-Heverlee Leuven for the 2015–16 season. In spite of the relegation of the team to the Belgian First Division B, Just Eat and OH Leuven announced on 19 May 2016 that they would continue their partnership, although Just Eat would no longer feature on the front but rather on the back of shirts for the 2016–17 season.
In the UK, Just Eat charges restaurants £699 to join the service, and for each order placed through the website or mobile app, a 13-14% commission. Over 90% of the company's revenue comes from the commissions.
Although Just Eat requires restaurants to provide evidence of registration with their local council when joining the service, a 2017 audit found 35 unlicensed restaurants with no hygiene rating. In October 2018, a BBC investigation had found that half of takeaway outlets in England rated zero for hygiene by the Food Standards Agency in Manchester, Bristol and London appeared on the Just Eat app.
As of August 2018, Just Eat operates in 13 countries in Europe, Australia, North America and South America.
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