The founder of Getir, the grocery delivery app which is exiting the UK with the loss of hundreds of jobs, is at odds with investors over a rescue plan to keep the company afloat.
Sky News has learnt that Getir is just weeks away from running out of cash amid shareholder demands to overhaul the governance and leadership of the company.
Sources said on Monday that a tranche of funding worth tens of millions of pounds needed to restructure Getir’s Turkish business would not be handed over unless Nazim Salur, the company’s founder, implemented previously agreed changes.
These would include him stepping back from his role running the company and the reinstatement of Derya Erdemli, its chief strategy officer, who was let go by Mr Salur last month in a dispute over its exit from its international operations.
Insiders said Getir could run out of funding as soon as this month without an alternative financing solution.
Sky News revealed last month that the grocery delivery app, which was once valued at nearly £10bn, had confirmed its exit from the UK while it still owed Tottenham Hotspur Football Club – whose training kit it sponsored – payments running to millions of pounds.
The Abu Dhabi state investment fund Mubadala and G Squared have already stumped up tens of millions of pounds to help facilitate its withdrawal from the UK, Germany and the Netherlands.
However, the remainder of a funding package is dependent upon Mr Nazur convening a shareholder meeting to implement the leadership changes.
Online fashion giant Shein to file prospectus for £50bn London float
Money blog: First direct route to Vegas from North launches as Virgin links up with Manchester Airport
Early TransferWise backer LocalGlobe invests in AI start-up
One source said the impasse had cast doubt on Getir’s ability to stay afloat.
The company has been forced by its deteriorating finances to retrench back to its home market, in the process axeing thousands of jobs.
Its withdrawal from the UK has put about 1,500 jobs at risk, Sky News revealed last month.
Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.
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 Gorillas in a $1.2bn stock-based deal that closed in December 2022.
Be the first to get Breaking News
Install the Sky News app for free
Getir and Mubadala both declined to comment.
