12th Jul 2019 09:44
(Alliance News) - Online food order and delivery service Just Eat PLC on Friday said it has entered the business-to-business catering marketplace with the acquisition of City Pantry for an initial cash consideration of GBP16 million.
City Pantry links caterers and restaurants with corporate customers to provide food for their employees or clients. The business currently has 1,000 corporate customers every month.
Just Eat said the City Pantry deal will help it to expand into a UK corporate market estimated to be worth around GBP10 billion a year, by leveraging City Pantry's brand, technology and know-how.
The company has paid the initial cash consideration via existing resources. Further cash consideration may be due if City Pantry achieves agreed operational and financial targets over the next three years.
Shares in Just Eat were trading flat at 626.60 pence each on Friday morning.
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