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Tue 22nd Jan 2019 - Time Out sells Flyt stake to Just Eat for £9.6m |
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Just Eat buys Flyt for £22m, including Time Out's stake for £9.6m: Online food delivery business Just Eat has acquired the remaining outstanding share capital of Flyt for £22m from existing investors, including Time Out and Entree Capital. Flyt is a software platform that helps restaurant groups and suppliers integrate their point-of-sale systems globally with third-party services, removing the need for manual restaurant processes, reducing driver waiting times in restaurants and eliminating human error in order processing. Founded in 2013, Flyt works with more than 3,000 quick service and branded restaurants including KFC, Tim Hortons, Mitchells & Butlers, PizzaExpress and Nando’s. Flyt will continue to operate as a standalone platform and brand. Its founders, Tom Weaver and Chris Evans, will still lead the business and become an “important part” of the wider Just Eat Group, helping more than 100,000 restaurant partners serve more than 25 million customers globally. Just Eat is a current customer of Flyt and became a minority shareholder in the company in 2016 with an 8% stake. Just Eat said the acquisition enabled it to accelerate the development of Flyt’s technology and offer Flyt’s services to more of its restaurant partners. It will also help Just Eat’s ambition to work with a much wider range of quick service restaurants and branded retail groups in the UK and globally. The consideration of £22m was paid using existing cash resources. A further cash consideration may also be payable subject to certain operational and financial criteria being met during the next three years. Time Out received £9.6m for its stake, a £4.5m profit on the investment it made in 2015. Time Out will use the proceeds to invest in one of its top strategic priorities – the global roll-out of Time Out Market following the success of its debut site in Lisbon, which attracted 3.6 million visitors in 2017. Peter Duffy, interim chief executive of Just Eat, said: “Bringing Flyt into our group will accelerate the take-up of these services around the world and allow the Flyt team to innovate with new and exciting technology solutions for the industry. We’ve admired Flyt for some time and have been hugely impressed by its technology. Integration between Just Eat and our restaurant partners is a critical component to providing world-class food delivery services.” Weaver added: “We have worked with Just Eat closely since it became an investor and customer in 2016 and have been continually impressed with Just Eat’s vision of the future. Flyt plays an essential role in accelerating the adoption of restaurant technology and the acquisition enables us to take our integration capabilities and platform to a wider audience of restaurants, technology partners and point-of-sale providers, faster. While we will continue to operate as an independent business and standalone platform serving all our customers, it’s exciting to have the financial security and stability from Just Eat to now deliver on our vision for Flyt.”
Leadership Summit open for bookings: Propel is launching the Leadership Summit, which will see a select group of the sector’s most experienced bosses share their expertise on leadership. The full-day event, in partnership with Elliotts, will take place on Tuesday, 12 February at One Moorgate Place and is open for bookings. Speakers will include Will Stratton-Morris, UK chief executive of Caffe Nero, who will talk about building high-performance teams. Alasdair Murdoch, chief executive of Burger King, speaks about the role of leadership in business turnarounds. Elliotts chief executive Ann Elliott will talk to Des Gunewardena, chief executive of D&D London, about the lessons of leadership he has picked up in his career in the sector. Duncan Garrood, chief executive of Ten Entertainment, will give his views on leadership and the customer experience, while Jo Fleet, managing director of Flat Iron, will talk about empowering people and trust and getting the team to “buy in” through clear communication and vision. Mark Jones, chief executive of Carluccio’s, will explain how the company is building the quality and skillsets of its general managers to lead the business out of decline. Simon Townsend, chief executive of Ei Group, will give his views on the challenges of leadership during a period of immense change and Zoe Bowley, managing director of PizzaExpress, will give her top ten tips on leadership. Meanwhile, Loungers founder Alex Reilley will talk about the adaptations involved in growing a business from one site to more than 100, celebrating success and the art of succession, while Ann Elliott will give her views on the power of mentoring to grow talent in organisations. Propel managing director Paul Charity said: “With the industry facing such challenging times, effective leadership has never been more important. This is an unmissable opportunity to learn from high-profile leaders in our sector.” Prices are £295 plus VAT for Premium members, £345 plus VAT for operators and £445 plus VAT for suppliers. To book, email anne.steele@propelinfo.com
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