Deliveroo to axe 350 jobs

Food delivery company Deliveroo said on Thursday that it was planning to cut around 9% of its workforce, or 350 jobs, amid a slowdown in demand due to the cost-of-living crisis.

Chief executive Will Shu announced the job cuts to staff earlier in the day, saying that they were his responsibility and that he should have had "a more balanced approach to headcount growth".

The company said it was hoping to redeploy around 50 employees.

Shu said: "The world we operate in has changed.

"In recent years we grew our headcount very quickly. This was a response to unprecedented growth rates supported by Covid-related tailwinds.

"By contrast, we now face serious and unforeseen economic headwinds. Quite bluntly, our fixed cost base is too big for our business."