Investors in Getir, the food delivery app which is abandoning its UK operations, have approved a break-up of the company that will trigger a fresh capital injection of up to $250m (£277m).

Sky News has learnt that Getir, which is based in Turkey, held an extraordinary general meeting on Sunday at which shareholders backed plans to split it into two independent companies.

The first will consist of its food and grocery delivery operations in Turkey, and will be majority-owned and controlled by Mubadala, the Abu Dhabi state investment fund.

Money latest:
I bought a new car but it’s been back to dealership six times with same fault – what can I do?

This business will be led by Batuhan Gultakan, a current Getir executive, while Nazim Salur, the company’s founder, will have no active involvement in it.

Instead, Mr Salur will run the other standalone business, comprising Getir’s other assets, including Getir Drive and BiTaksi, the ride-hailing services.

Getir’s withdrawal from the UK and other European markets, confirmed in the spring, represented a full-scale retreat for a company once-valued at nearly £10bn.

Private equity suitors aim to wrap up £2bn parcel delivery group Evri

Money blog: ‘I bought a new car but it’s been back to dealership six times with same fault – what can I do?’

Blackstone swoops for stake in Theatreland giant ATG

Read more:
Getir ends European expansion with 1,500 UK job losses expected

Insiders said that as part of the restructuring, Mubadala had agreed to inject up to $250m into the company, both to facilitate the orderly wind-down of its UK and European arm and to invest in growing its Turkish food delivery business.

Mubadala is said to be optimistic about the outlook for the Turkish market, and that the restructuring would leave the company in a much stronger position, according to another source close to the situation.

Part of the funding could be used to repay outstanding liabilities, which are understood to include several million pounds owed to Tottenham Hotspur FC, whose training kit it sponsored.

Hundreds of jobs are being lost in the UK as a result of the closure of Getir’s business.

Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.

Be the first to get Breaking News

Install the Sky News app for free

Its decline highlights the slumping valuations of technology companies once-hailed as the new titans of food retailing.

Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.

Getir, whose name means ‘to bring’ in Turkish, bought rival Gorillas in a $1.2bn stock-based deal that closed in December 2022.

Getir could not be reached for comment, while Mubadala declined to comment.

Related posts:

Second adviser urges revolt over BAE golden handcuffs deal Staycation boom fuels Away Resorts ambition for new sale process Co-op store shake-up to affect 2,000 staff McDonald’s runs out of milkshakes due to supply issues Prices hikes ‘inevitable’ in face of rising costs, warns Currys boss Uber hails ex-British Airways executive Brem as next UK chief Wetherspoons’ annual losses fall despite bigger bills for energy, wages and repairs Rail workers, nurses and frontline Royal Mail workers to stage fresh strikes Monzo banks on revamp to pave way for international expansion BP boss quits £10m-a-year job over ‘past relationships with colleagues’ Boeing faces crucial 48 hours as latest poor production quality allegations may be harder to shake off than before Space NK owner hires bankers to sell high street beauty chain