Just Eat buys Flyt for £22m after CEO departure

Just EatJust Eat has completed the acquisition of hospitality solutions company Flyt for £22m, just a day after its CEO and director stepped down from the helm of the food delivery service.

Flyt, founded in 2013, works with more than 3,000 restaurants – including the likes of PizzaExpress, Byron, and All Bar One – to offer ‘frictionless’ payments from mobile devices. It gained a £3.5m investment from Just Eat back in 2016, giving the takeaway food delivery marketplace an eight per cent stake in the company at the time.

Following the acquisition, Flyt will continue to operate as a standalone platform and brand – with its founders, Tom Weaver and Chris Evans, leading the business.

“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,” said Peter Duffy, interim CEO of Just Eat. “We’ve admired Flyt for some time and are hugely impressed by their technology – integration between Just Eat and our restaurant partners is a critical component to providing world class food delivery services.”

Yesterday, Duffy was made interim CEO of Just Eat following the departure of Peter Plumb as CEO and director of the company after just 16 months. Just Eat said it is searching for a permanent replacement.

“2018 was another year of strong growth for the Group. The business is in good health, and now is the right time for me to step aside and make way for a new leader for the next exciting wave of growth,” said Plumb.