Getir mulls asset sales amid restructuring talks

Grocery delivery app, Getir, is reportedly considering a number of asset sales as part of restructuring talks, according to Sky News.

It is understood that the Turkish Group, which has expanded its presence in the UK, is in talks to offload FreshDirect, a US-based online grocer that it acquired late last year, as well as BiTaksi, a ride service in Turkey. 

News of the potential asset sales follows Sky News’ reveal that Getir was also in talks regarding a “radical” restructuring just two years after it was valued at almost $12bn (£9.6bn). 

This comes after the delivery app has already ceased trading in Italy and Spain, in a bid to reduce losses. Getir currently operates in five markets, including the UK and Turkey. 

According to City sources, Mubadala, the Abu Dhabi state-backed investor who is a minority shareholder in Getir, was keen for the group to go through with these asset sales. 

Mubadala is reportedly being advised on a prospective restructuring of Getir by AlixPartners, the sources added, while cautioning that the disposals “were not certain to take place”.

Sky News reported that a source close to the company denied over the weekend that any form of insolvency process was being considered, saying that if it decided to exit a country it would do so “in an orderly fashion”.

However, if a restructuring process were to take place, it would potentially put thousands of jobs at risk across the markets where it operates. 

Last September, Getir announced a severe cut in the size of its workforce, axing roughly 2,500 jobs. At the time, this made up about 10% of its global employee base.

Getir also acquired Gorillas in a $1.2bn (£900m) stock-based deal that closed in December 2022.

A Getir spokeswoman told Sky News yesterday (16 April) that the company “principally doesn’t comment on rumours”.

Retail Sector has also approached Getir for a comment.