THG CEO Matt Moulding has hailed departing Deliveroo founder Will Shu as one of ‘Britain’s finest entrepreneurs’.
It followed the news earlier this week that Shu will step down as CEO once the London-based company’s £2.9bn sale to US rival DoorDash is completed in early October.
Moulding, a long-term critic of the London Stock Exchange, said Deliveroo were made to feel ‘as welcome on the LSE as a fart in a busy elevator’ but had ridden the storm well.
The 53-year-old called on Shu not to join the exodus of high-profile entrepreneurs leaving the UK and said he hoped he would launch the next Deliveroo.
Writing on LinkedIn, 53-year-old Moulding said: “It was with mixed emotions yesterday that I read, Will Shu, founder of Deliveroo, is standing down from the company he founded 12 years ago.
‘Proud’ Deliveroo founder & CEO to leave after DoorDash takeover
“I’ve spoken to Will a few times over the years, and exchanged messages, though I wouldn’t say I know him.
“But what I do know is that the contribution he’s made to the UK makes him one of Britain’s finest entrepreneurs in recent times.
“Since starting Deliveroo, he’s built it into a household name that goes head-to-head with US tech giants such as Uber.
“From an idea on paper, Deliveroo has gone on to give employment for 135,000 riders, with annual revenues of c£2bn.
“Just imagine the contribution this is making to the UK through tax receipts, direct and indirect employment – it’s phenomenal.”
Moulding said Shu was one of only a ‘handful of founders’ who’ve built a large business and listed on the LSE.
“Anyone who’s followed the media will know Will and Deliveroo were given an unfairly brutal start to life as a UK public company,” he explained.
“It’s fair to say they were about as welcome on the LSE as a fart in a busy elevator, receiving a torrent of negative media attention supported by heavily shorting of Deliveroo’s shares from the get-go.
“But Will rode through it all, focusing on the business and guiding it through a very tricky couple of years of global turmoil.
“The announcement that Will is now leaving the company he founded comes weeks after he agreed a sale of Deliveroo, swapping the LSE for new American owners.
“The trend of British entrepreneurs opting to swap their UK listings for new American owners is gathering pace. Darktrace and Alphawave Semi, who recently listed on the LSE, endured torrid experiences as public companies, resulting in them leaving the UK by selling to US owners.”
Moulding said Shu deserved every penny from the sale of Deliveroo to DoorDash.
“The headlines I’ve seen have centred on how much money Will is receiving following the sale of Deliveroo,” added Moulding.
“Let’s be clear, he more than deserves the hundreds of millions he’s made from creating and building Deliveroo – nobody gave him it, he created it for himself.
“Personally, I think a focus on the contribution Will has made to the UK would be more fitting, along with concern about the trend of British tech businesses needing to sell to overseas owners to get the recognition they deserve.
“It’s no secret that Britain has plenty of challenges right now, with public finances spiralling out of control. The UK desperately needs more people like Will building more Deliveroos – creating much needed jobs and tax receipts.
“Let’s hope Will doesn’t now head off into the sun on a very large boat, instead preferring to start a new project that becomes an even bigger success than Deliveroo. Congratulations Will.”
In a light-hearted response, Shu wrote: “A fart in a busy elevator lol. At least it’s better than a fart with just two people in the lift. Or is it? Things to ponder.”