Bank of Ireland UK is one of five banks selected for a new £140m credit facility that will drive delivery player Deliveroo’s business into the future.
Deliveroo, which was founded in 2013 and is listed on the London Stock Exchange, is an online platform that facilitates on-demand food, grocery and retail delivery services.
The business is headquartered in London and has more than 4,000 employees and operations in 10 countries.
“Deliveroo is committed to supporting its marketplace, its communities and the environment”
Deliveroo’s three-sided marketplace and proprietary logistics technology connects consumers, riders, restaurants, grocers and retailers across hyperlocal markets, with orders totalling over £7bn placed in 2023.
Fresh financing delivered
In March, Deliveroo opted to refinance its existing debt with a new three-year £140m revolving credit facility (RCF) and a £60m uncommitted accordion.
Having followed the business for several years and built a relationship with Deliveroo’s finance leadership team, Adam Ball, Head of Technology & Telecoms at Bank of Ireland, said the bank is proud to be one of five banks selected to participate in the transaction.
“We are delighted to welcome Deliveroo as a new client to team having committed £30m in their new £140m RCF. It is an exciting time for the business and we look forward to working closely with Scilla Grimble and Alex Hent,” Ball said.
He added that Deliveroo’s sustainability credentials were key to Bank of Ireland’s engagement with the business. “Deliveroo is committed to supporting its marketplace, its communities and the environment. The company’s sustainability pillars include waste reduction and net zero emissions targets, diversity and inclusion, tackling food insecurity in its communities through charitable partnerships, and supporting and enabling restaurants and merchants to grow sustainably.”
While Deliveroo has historically been focused on strategic expansion and prioritised investment in its three-sided marketplace, this refinance coincides with its management’s intentional pivot to profitability.
Alex Hent, Deliveroo’s Vice-President of Tax & Treasury said: “I’m very pleased Bank of Ireland is joining our banking group by participating in the RCF. It has been a very collaborative process and I look forward to continuing working with Adam and team,” Hent said.
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