Grocery delivery firm Getir is to leave the UK, Europe and the US to focus solely on its home market in Turkey, bringing an end to its rapid expansion across the regions since the pandemic.
The company, once valued at £9.5 billion, said it now only makes about 7% of its revenue outside of Turkey after international growth plans stalled.
The move is expected to bring about 1,500 job losses in Britain.
The announcement comes after speculation that Getir’s UK and European operations were struggling financially, following its decision to pull out of Italy and Spain last year.
Getir will also exit Germany and the Netherlands, its only remaining EU markets, as well as the US. The firm’s separate US subsidiary, FreshDirect, will continue operations, it said.
The rapid delivery company said the move would allow it to “focus its financial resources on Turkey”.
“In parallel, Getir has raised a new investment round, led by Mubadala and G Squared. Getir will utilise these funds to bolster its competitive position in its core food and grocery delivery businesses in Turkey.
“Getir expresses its sincere appreciation for the dedication and hard work of all its employees in the UK, Germany, the Netherlands and the US.”
Getir was one of a clutch of fast grocery delivery companies that expanded quickly during the Covid-19 pandemic, with lockdowns driving heightened consumer demand.
It hit a valuation of 12 billion US dollars (£9.5 billion) in 2022 as it grew its operations across Europe and the US.
Getir even bought rival delivery firm Gorillas in December 2022 in a £96 million deal.
However, as people returned to physical shopping, profit margins fell. In 2023 it cut 14% of its workforce, which then stood at 23,000 staff across Europe.
Competitors such as Deliveroo and Just Eat have also announced more than 2,000 job cuts between them in the last 18 months.
Sky News reported earlier this month that Getir was expecting to cut its UK operation and that it would affect 1,500 workers including warehouse staff, managers and riders.
A spokesperson did not confirm how many jobs would be cut on Monday.