Just Eat vows to beat rivals

BOSSES at food delivery firm Just Eat vowed to ‘see off’ rivals Deliveroo and Uber Eats as they detailed plans for expansion.

Peter Duffy, the interim chief executive, said Just Eat still had a big lead over its competitors and was better-placed, despite recent moves by its rivals to rapidly expand.

In comments that will be seen as a rebuke to activist investors, he also defended the company’s leadership.

Duffy, 52, said: ‘Competition is something that we’ve seen before and we’ve seen off. And it’s something we’re going to see again and we’re going to see off again. We’re confident not just in the breadth but in the depth of our experience, the appropriateness of our leadership for the challenges we face.

‘This is a great business. We’re up for it and we’re going to win.’

He said he would not put himself forward as a candidate to be the permanent boss for ‘personal reasons’ after stepping in to the role following Peter Plumb’s abrupt departure in January. Duffy’s announcement was welcomed by the activist Cat Rock Capital, which has accused Just Eat of chronic underperformance and demanded a merger with a rival.

Cat Rock said: ‘We respect and appreciate Peter Duffy’s decision to withdraw from the chief executive search, allowing the board to secure a leader with the appropriate experience.’

Just Eat revealed a 43pc rise in 2018 sales to nearly £780m and a 6pc rise in profits. It expects sales of £1bn in 2019, as well as profits of up to £205m.