Deliveroo’s stock market flotation flopped yesterday as its shares plunged by more than a quarter amid growing scepticism about the food delivery group’s business model (The Times £).
The Times (£) also looks deeper into how a ‘British tech success story’ failed to deliver.
Short sellers, an unfortunate roadshow and terrible timing were all blamed as Deliveroo lost more than a quarter of its value on its first day of trading, becoming in the words of one of its bankers: “the worst IPO in London’s history” (The Financial Times £).
Red-faced bankers are facing questions about Deliveroo’s ‘car crash’ float after shares plunged by nearly a third (The Mail).
The Telegraph editorial calls the Deliveroo ”debacle” an embarrassment for London.
The Guardian says the Chancellor picked the wrong firm to hail as “a true British tech success story” as shares plunged on Deliveroo’s debut.
A business commentary in The Times (£) says ‘somebody forgot to light the touchpaper under Deliveroo’s float yesterday’.
Shares in over-60s food delivery business Parsley Box also fell on another underwhelming debut on the London market yesterday. The stock listed on the junior AIM market at a price of 200p but immediately fell 10% before recovering to close down 7.5% to 185p (The Mail).
Sales at Boots in Britain fell by almost 20% in the three months to the end of February as national lockdowns led to a slump in customer visits to the high street pharmacy chain (The Times £).
The environment secretary, George Eustice, is facing a threat of legal action from shellfish farmers over claims that the government has misled the industry over its post-Brexit arrangements with the EU (The Guardian).
Britons were sitting on the biggest pile of savings on record at the end of last year, according to official figures that show the 2020 recession was not quite as bad as had been thought (The Times £).
Britain’s recovery during the second half of last year was stronger than first estimated, according to official figures that also showed that households put away more money in savings accounts than previous data suggested (The Guardian).
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