Deliveroo is on a mission to transform the way people shop and eat, bringing the neighbourhood to their door with a hyperlocal strategy that connects consumers, restaurants, grocers, retailers and riders through their three-sided marketplace. 

Since its inception in 2013, the company has grown rapidly, operating in over 800 locations across ten markets globally, with approximately 183,000 restaurant and grocery partners, and 135,000 riders. In 2023 alone, Deliveroo delivered 290 million orders while also donating 3 million meals to families in need.

2023 was a landmark year for the Group, delivering GTV (Gross Transaction Volume) in excess of £7bn, revenues in excess of £2bn and completing its path to profitability strategy, by generating its first positive EBITDA¹ performance.

Deliveroo sought to refinance its existing post-initial public offering (IPO) facility with a new £140 million Revolving Credit Facility (RCF) and having been a strategic banking partner for the company, mandated NatWest as Facility & Security Agent, and Documentation Coordinator. 

The NatWest deal team led on the documentation process, which included negotiating the Senior Facilities Agreement (SFA) with the syndicate banks, and will involve them continuing to act as the ongoing Agent. Through close collaboration with all parties involved, the deal team executed the transaction successfully within the deadline and offered market insight to support Deliveroo’s decision making. 

Deliveroo were delighted with the outcome, welcoming two new relationship banks into the syndicate, and with NatWest continuing to take a tier 1 hold of £30 million.

NatWest has been a longstanding banking partner for Deliveroo, working with the Company prior to its listing on the London Stock Exchange, and now supporting the next phase of their journey. We worked very closely with Deliveroo team through the entire process, and touch all parts of the business – supporting with UK cash management and corporate cards, while also advising on loan markets, FX, capital structuring, and other treasury areas.

Alexander Hent, Vice President Tax & Treasury at Deliveroo, commented: “This is an important transaction for Deliveroo, marking our first refinance since our IPO in 2021 and selecting the syndicate of banks to support the next phase of our growth journey.  We are grateful to all our lenders for their support, but we especially want to thank the NatWest team who were key to the successful outcome of this transaction, executing the complex documentation process within very tight timelines and providing invaluable advice throughout.”  

Ali Morris, Relationship Director from NatWest’s TMT Coverage & Sector Content team, said: “We are delighted to support Deliveroo, both with this RCF refinancing and as one of their long-term relationship banks. Deliveroo is a tremendous example of innovation and using technology to disrupt the food, grocery and retail markets. This transaction exemplifies the collaboration of multiple specialist teams within the bank, and we are delighted to have delivered a great outcome for one of our key customers, and look forward to supporting them long into the future.”

1: EBITA. Earnings before interest, taxes, and amortization