Turkish restaurant Longa expands with second venue in Cardiff

A Turkish restaurant business run by three women has expanded with the opening of a new venue in Cardiff city centre. The investment has created 16 new jobs.

Longa, which was founded in 2019 by sisters Gizem Yorgun and Simge Yalcin, now operates with three women at the helm after actress Pinar Ogun joined the business in 2023. Longa, whose first restaurant in the Whitchurch area of the capital opened in 2019, celebrates the rich, diverse flavours of Turkish cuisine.

Its new Park Place restaurant for 100 covers offers an all-day breakfast menu, whilst expanding to capture an evening clientele with a separate menu.[

Longa’s new venture has been backed with a £120,000 finance package from BCRS Business Loans, via the British Business Bank’s £130m Investment Fund for Wales, and Community Investment Enterprise Fund (CIEF), managed by responsible finance provider Social Investment Scotland (SIS).

Simge said:“Our Whitchurch Road café has been a great success and we knew it was only a matter of time before we dipped our toes into the possibility of opening a second restaurant, but we needed to find for the perfect premises.

“When we saw the space on Park Place we knew that it was perfect, but with spiralling costs, due to changes in construction and building quotes, we needed further support to realise our dreams.”

BCRS manages the small loans element of the British Business Bank’s £130m Investment Fund for Wales. The debt finance to Longa was overseen by its business development manager, Niki Haggerty-James.

Gizem said:“We found ourselves in a situation where we had gone too far in our dream of bringing the restaurant to fruition that we simply couldn’t turn back. Niki was fantastic, quickly understanding our business, and the challenges we faced, and without her support, and the finance, Longa wouldn’t be here.”

Pinar added:“BCRS’ support goes so much further than helping us to secure finance, Niki has been overwhelmingly positive in supporting our entire venture.

“Longa in Park Place has only been open for a matter of weeks, but we are already seeing the impact. Just this weekend we saw over 300 covers and our bookings for the weekends are huge. We can’t wait for more people to experience our food, after all it’s pretty amazing to sit back and watch their reactions, all the while knowing we created that plate.”

Ms Haggerty-James said:“Longa is fantastic and it’s wonderful to support a business that is both women and ethnic-led. Gizem, Simge and Pinar are creating something very special that it abundantly evident from just peeking into one of the restaurants.

“The opening of the Park Place site demonstrates their passion to bring Turkish cuisine to Cardiff, so that people can experience the true taste of an authentic menu and we are delighted that in doing so the trio have expanded to employ an increasing workforce.

“We want to champion and support more businesses that are female and ethnic-led, advancing the growth of entrepreneurship across Wales. BCRS are a story-based lender, and our mission is to make a positive social and economic impact which Longa are demonstrating. From seeing the success of Longa we are sure this won’t be the last restaurant opening.”

Bethan Bannister, senior investment manager, nations and regions funds at the British Business Bank, said:“The British Business Bank is delighted to support this successful female led business via the Investment Fund for Wales as they look to scale and grow.

Fenwick says it has 'no plans for store closures' as it calls in restructuring experts
Fenwick says it has 'no plans for store closures' as it calls in restructuring experts

Department store retailer Fenwick has confirmed that it has no intentions of closing stores, despite restructuring experts assisting the business. The Newcastle-based firm has experienced losses in recent years and is currently changing the hosting of its website as part of cost-cutting measures. Consultancy firm AlixPartners is working with the chain, which now has eight stores across the country. Fenwick has been operating at a loss since 2019 and sold its Bond Street, London store in a £430m deal in 2022. Last year, management acknowledged that trading had been difficult due to the cost-of-living crisis - fuelled by inflation and high mortgage costs - and shifts in the retail market. Accounts for Fenwick Limited, covering the year up to January 2024, reveal the business reduced its pre-tax losses from £71.1m to £38.1m. At the same time, operating losses before exceptional items - encompassing property sales - decreased from £46.6m to £45.2m. Company executives have talked of their attempts to attract both new and existing patrons to the chain's sophisticated, multi-brand offerings throughout the UK. They have discussed strategies aimed at enhancing efficiency in their shops and supply chain, as well as returning to profit through a commitment to what they referred to as "retail basics" and protecting product margins, reports Chronicle Live. Following the closure and sale of its Bond Street location, Fenwick operates its flagship establishment in Newcastle, along with other sites in Kingston, Brent Cross, Colchester, Canterbury, Tunbridge Wells, Bracknell, and York. The business has focused on distinguishing itself from its competitors by investing in customer service and hospitality experiences. In Newcastle, Fenwick’s "masterplan" has led to collaborations with North East staples such as Greggs and Barbour, plus Michelin-starred eatery Hyem, and the Mother Mercy cocktail bar. The business has also expanded its private-label merchandise dubbed Fenwick at Home products, alongside its own restaurant ventures Fuego and Mason and Rye. Last year, in Newcastle, it opened what it claims is the UK’s largest beauty hall outside London last year. Notably, Fenwick was criticised for its delayed response to the surge in online retail, initiating its web presence as late as 2019. Despite predictions for greater growth online, the company maintains that its brick-and-mortar outlets will continue to reign supreme in sales for the foreseeable future. After an unsuccessful attempt to bring former Harrods senior executive Nigel Blow on board last year, the reins of Fenwick have been taken up by family members Mia Fenwick, serving as executive deputy chairman, and Hugo Fenwick, in the role of retail managing director. It is believed that under their stewardship, the company has witnessed its most favourable six-month trading period in the past five years.

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Mike Ashley-backed Hornby to go private as it ditches stock market listing
Mike Ashley-backed Hornby to go private as it ditches stock market listing

Hornby, the global models and collectibles group advised by Mike Ashley, has revealed plans to delist from the London stock market and go private. The move aims to circumvent regulatory obstacles and reduce costs, as reported by City AM. In a statement to the market on Thursday, the company announced its intention to cancel its shares on the AIM stock exchange, citing the high cost of maintaining a public listing, limited liquidity, and regulatory burdens. Over the past 12 months, Hornby's shares have plummeted by 50%. This decision follows significant restructuring at the company, which has been collaborating with Frasers' founder and stakeholder Mike Ashley on a turnaround strategy for the past 18 months. Key aspects of this turnaround have included the sale of subsidiary LCD Enterprises, job cuts, and the relocation of logistics operations to the Midlands. In a statement, Hornby acknowledged the significance of its announcement, particularly for its loyal shareholder base. "The board is well aware of the place Hornby has in the hearts of its loyal shareholder base, and the company's announcement today is not taken lightly," Hornby said. "The directors are confident that operating as a private entity will provide Hornby with the necessary agility for swift decision-making and efficient execution of strategy whilst not depriving shareholders of material benefit." To proceed, Hornby's board requires shareholder approval, which will be determined by a 75% majority vote at a general meeting scheduled for Thursday morning. If the resolution is passed, Hornby has agreed to two share facilities to support investors looking to trade out of their shareholding following any cancellation. This announcement on Thursday marks another setback for London's struggling AIM market, which has witnessed a rise in delistings in recent years. In 2024, AIM contracted to its smallest size in 23 years with 92 firms delisting. Phoenix Asset Management Partners, Hornby's largest shareholder, increased its stake in the firm from 71.6 per cent to 83.3 per cent in December. Russ Mould, investment director at AJ Bell, stated that its decision to delist was "not a damning criticism of the UK stock market." He added: "When two shareholders – Phoenix Asset Management and Frasers – own 91 per cent of the company, it doesn't make sense to be a listed entity." He further explained: "Companies admit their shares for public trading to obtain a diverse shareholder base and access capital markets. In Hornby's case, its shareholder base has become incredibly concentrated."

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Women risk being left without a pension for 14 years
Women risk being left without a pension for 14 years

Women could risk emptying their pension pots 14 years too soon – and a decade earlier in their lifetime than men – according to modelling by a financial services provider. The research, released ahead of International Women’s Day on Saturday, March 8, found that, based on current pension withdrawal rates, women could empty their private pension savings by the age of 73. Legal & General (L&G), which published the research, said that, with the average life expectancy of a 60-year-old woman in the UK sitting at 87, some female retirees could be left with a 14-year shortfall between their private pension funds running out and the end of their lives. By comparison, men could see their pots run dry by the age of 83, the research indicated. With the average life expectancy of a 60-year-old man in the UK at 85, men could have two years of retirement without any leftover private pension savings. Katharine Photiou, managing director of workplace savings at L&G, said that, after decades of saving, the ability to withdraw money from a pension can create a “lottery effect”. But she cautioned: “What seems like financial freedom now might turn into uncertainty later.” The modelling used Office for National Statistics (ONS) life expectancy calculations as well as an Opinium survey among 3,000 people aged over 50 carried out in December 2024. The calculations made various assumptions about inflation and investment returns and that people would start making regular withdrawals when they turned 67 until their private pension pot ran out. It was also assumed that people had no other sources of income, such as property wealth or a guaranteed pension income based on someone’s salary. People will also be entitled to the state pension, the size of which depends on factors such as national insurance (NI) contributions. The research indicated that women are typically withdrawing less from their pension than men but have less money saved into it to start with, at £40,000 versus £87,500 for men. Of those receiving income from an income drawdown pension, women are receiving £625 per month on average, compared with £875 for men. However, women were more likely than men to have increased their withdrawal rate since they first started making withdrawals. More than a quarter (27%) of women making withdrawals had increased their withdrawal rate, compared with less than a fifth (19%) of men. The research was released as a survey of 2,000 people for savings and investment app Moneybox, which found that nearly one in 10 (9%) women plan to start investing this year, while 13% intend to increase their investments. Investing more was found to be the top financial goal among women aged 25 to 34 years old, the survey by OnePoll found. More than half (59%) of women who invested last year did so to grow wealth, 47% wanted to secure a comfortable retirement, and 34% were aiming to provide for family in future. Nearly a fifth (18%) of women who invested did so because they enjoyed it and treated it like a hobby. London and Northern Ireland had the highest rates of female first-time investors last year, the Moneybox research indicated. Lower, part-time salaries and caring responsibilities can be obstacles to some women – and some men – being able to save adequately for later life. Another study from money platform Intuit Credit Karma found that over half (59%) of parents have taken on new debt to afford maternity or shared parental leave, borrowing an average of £2,658. A quarter (25%) of these parents said they were still in debt when their child had started school. Women were less likely than men taking parental leave to say they had moved to a job with enhanced parental benefits. A fifth (21%) of men taking shared parental leave had switched jobs to an employer offering enhanced benefits, compared with 9% of women taking maternity leave, the OnePoll survey of 2,000 people across the UK found.

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Bristol Clean Air Zone 'final blow' for historic family-run store
Bristol Clean Air Zone 'final blow' for historic family-run store

One of Bristol's longest-running shops will be shutting down in the next few months. Army surplus store Marcruss has blamed the introduction of the Clean Air Zone as the 'final blow' to its fortunes. The shop on Hotwell Road has been a staple for outdoor enthusiasts for decades, but is set to close its doors this summer. The family-run retailer has been under the stewardship of the Pinson family for more than 60 years, and even longer as an army surplus and camping equipment store. In a message shared on its Facebook page, Marcus Pinson and his family expressed their gratitude to customers throughout the years and made a final appeal for support to clear out the remaining stock. "It is with a heavy heart that we write to inform you of the difficult decision to close Marcruss Outdoors for the last time this summer," read the statement. "Unfortunately, the harsh economic climate has made it impossible for us to continue. Despite having weathered countless recessions and even the challenging lockdowns, the final blow has come in the form of the Clean Air Zone." The family conveyed their deep appreciation for the opportunity to serve their community, saying the shop was more than just a business but a place where they could offer "expert advice, exceptional customer service, and foster a sense of community". They added: "We would also like to extend our heartfelt gratitude to all those who have worked here over the years. Their loyalty, commitment, and hard work have been the foundation of our success. We couldn't have reached the milestones we did without their dedication, and we consider both our customers and staff to be part of the Marcruss family. "As we prepare to close our doors, we kindly ask for your support in helping us clear our remaining stock. We have some fantastic bargains available, and we would love for our loyal customers to benefit from these final sales. "The closing of our doors will certainly be a loss, and we believe that the vibrant city of Bristol will feel a little less bright without us. Thank you for your support throughout the years. We will cherish the memories and are forever grateful for the opportunity to have served you." Marcruss was a traditional family store selling a wide range of outdoor clothes and equipment. Marcruss was born when Frank Pinson and his son Trevor took over an existing army surplus store in the mid 1960s. Set across three floors, it has four departments selling camping and ski wear, workwear and wet weather clothing and boots. On the ground floor, the most popular items were the ranges of army surplus and Airsoft guns and accessories. Trevor's sons Marcus, Russ and Adam took over from him. In the 1980s and 1990s, the family-owned nine shops across the West Country, stretching from Gloucester to Torquay, but consolidated to a single shop on Hotwell Road during the last recession. In 2022, with the impending Clean Air Zone in Bristol, which would impose a £9 charge on approximately 20% of vehicles entering the city, Marcus expressed grave concerns for his business. Speaking in May 2022, he said: "I think it could essentially kill us off because it starts from Ashton and unless people are allowed to come into this area, nobody's going to shop in here."

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Debenhams is back as Boohoo makes major announcement
Debenhams is back as Boohoo makes major announcement

Boohoo has announced it is rebranding as Debenhams Group as the online fashion firm hailed the turnaround of the department store brand it bought out of administration three years ago. Boohoo said it has successfully completed a turnaround of Debenhams over the past few years and that it is now a “majority contributor to group profitability”. It said it will roll out the operating model at Debenhams across the wider firm, using the overhaul at the brand as a “blueprint for the wider turnaround of the group”. “Reflective of this major strategic change, the group will go forward as Debenhams group with immediate effect,” Boohoo said. Dan Finley, group chief executive of Boohoo, said: “Debenhams is back. The iconic British heritage brand, bought out of administration, has been successfully turned around. “Rebuilt for the future and transformed into Britain’s leading online department store.” He added: “We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings.” In 2019, Debenhams entered administration for the first time. Several of its stores were closed, and it sought buyers. The pandemic significantly worsened its financial situation. With stores closed during lockdowns and consumer spending down, Debenhams saw a further drop in sales. In 2020, Debenhams went into administration for a second time, and Boohoo Group, an online fashion retailer, acquired Debenhams' brand and intellectual property. However, Boohoo did not purchase Debenhams’ physical stores. After the Boohoo deal, Debenhams began closing its remaining stores, marking the end of its long history on the British high street. The closures continued into 2021, and the company officially ceased trading in physical locations.

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Welsh footfall growth the strongest in the UK despite cooling on January
Welsh footfall growth the strongest in the UK despite cooling on January

Retail footfall in Wales increased in February but at a slower rate than January, shows latest research from the Welsh Retail Consortium. Footfall, defined as shoppers entering a store, in February was up 2.% year-on-year (YoY) compared to a 8.5% rise in January. The rise in February was the highest of any nation or region of the UK, followed by the north west of England at 1.9% and London and the west Midlands at 1.8%. For England it rose by just 0.2%, while in Northern Ireland it was down 0.1% and Scotland 0.3%. The biggest fall was in Yorkshire and the Humber, down 3.5%. Shopping centre footfall in Wales YoY decreased by 1.5% in February, down from 8.6% in January. Retail park footfall increased by 2.9% in February YoY, down from 9.8% in January. Footfall in Cardiff decreased by 1.8% (YoY), down from 9.1% in January. Of the core cities of the UK the fall in February in Cardiff was only greater in Liverpool, down 2.5%, Bristol, 5.2%, and Leeds 5.6%. The biggest rise was in Birmingham at 5%. FOOTFALL BY NATION AND REGION GROWTH RANK NATION AND REGION Feb-25 Jan-25 1 Wales 2.7% 8.5% 2 North West England 1.9% 7.7% 3 London 1.8% 6.7% 3 West Midlands 1.8% 10.0% 5 South East England 0.4% 9.4% 6 England 0.2% 7.4% 7 Northern Ireland -0.1% 3.5% 8 Scotland -0.3% 1.0% 9 East of England -0.8% 8.5% 10 North East England -1.0% 6.8% 11 East Midlands -1.3% 6.4% 12 South West England -1.4% 7.9% 13 Yorkshire and the Humber -3.5% 3.3% TOTAL FOOTFALL BY CITY GROWTH RANK CITY Feb-25 Jan-25 1 Birmingham 5.0% 14.3% 2 Manchester 3.9% 10.3% 3 Edinburgh 1.9% 2.8% 4 London 1.8% 6.7% 4 Belfast 0.1% 4.8% 6 Nottingham -0.3% 6.7% 7 Glasgow -1.1% 1.9% 8 Cardiff -1.8% 9.1% 9 Liverpool -2.5% 3.2% 10 Bristol -5.2% 6.2% 11 Leeds -5.6% 1.0% Sara Jones, head of the Welsh Retail Consortium, said:“Shopper footfall across all Welsh retail destinations faltered in February, dipping over 5% compared to the previous month. That said, February still saw healthy year on year growth, the best of the four home nations. “Shopper numbers picked up substantially in the last week of February, no doubt helped by the late half term and start of spring weather, coinciding with the benefits of a St. David’s day uptick. “Confident consumers and buoyant household disposable incomes are critical to the health of the retail industry and all who rely on it, including our colleagues and our wider communities. As we approach the two-year anniversary of the Welsh Government’s retail action plan it will be time to take stock on what more can be achieved to cement the future of the retail industry in Wales. With an onslaught of additional government-mandated costs in the pipeline from April, bold decisions will be needed to help safeguard the sector and to help it flourish rather than falter in the years to come.” On the UK picture Andy Sumpter, retail consultant for Sensormatic Solutions, which carried out the research, said: “After January’s jump-start, retail footfall in February stalled, with retailers seeing a more modest improvement compared to 2024 last month. "While the good news is that shopper counts remained steady, many would have been hoping for a more substantial leap building off a strong start to the year. Retail Parks, consistently one of the top performers in 2024, once again outstripped other retail destinations in February, as the convenience and choice built into their retail offerings again proved popular with customers. " With Easter falling late and well into April this year, this will, undoubtedly, put added pressure on retailers as we head into March. To plug the gap, retailers have an opportunity to create compelling reasons to visit and enhance their offerings with greater convenience and choice, which have been the standout strengths of retail park performance.”

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Asos shares plunge as investors 'lose confidence' in retailer's turnaround plan
Asos shares plunge as investors 'lose confidence' in retailer's turnaround plan

Asos shares have plummeted over 8% in early trading, exacerbating losses accumulated over several months as investors' faith in the retailer's recovery strategy has dwindled. The e-commerce company's share price has fallen by a third in the past month and has halved since the start of the year, with a 15% decline in the last five days alone, as reported by City AM. Currently, Asos shares are trading at 233p per share, a significant drop from the mid-pandemic high of 5,772p per share in April 2021. Analysts attribute this decline to a post-pandemic downturn in the e-commerce sector, which has also impacted fellow retailers boohoo and Pretty Little Thing. "The COVID boom sparked overinvestments across staff, stock and infrastructure that are still being unwound," noted Jeffries analysts Andrew Wade and Grace Gilberg. "That unwind has been in part funded by reclaiming value from customers [via] range, delivery and proposition). The external data... suggests that these changes, coupled with competition, continue to impact demand," they added. Asos reported an operating loss of £331.9m for the year ending September 1, 2024, up £83.4m from a loss of £248.5m in 2023. AJ Bell analyst Dan Coatsworth observed that Asos, like JD Sports, has been affected by a broader slowdown in consumer demand, further contributing to its struggles. "Consumers bored at home during the pandemic merrily spent money but they have since taken their foot off the pedal as it looked like interest rates would stay higher for longer," Coatsworth observed. Earlier this year, analysts from Panmure Liberum suggested that Asos "will struggle to turn around its declining sales trend this year... in the current demand environment." At the beginning of the year, Panmure warned investors about Asos, labelling it their least-preferred stock for 2025. "Multiple inventory write-offs, a refinancing, an equity raise, and sale of a key asset later, Asos is seeing few signs of sales declines relenting and still finds itself on an unsure path," stated Panmure analyst Anubhav Malhotra. He also noted that "Its competitive position worldwide has been eroded due to improved multi-brand online propositions from the likes of NEXT, M&S [and] JD Sports, competition from China, and pulling back on the consumer offering in international markets." "It appears the identity of the Asos brand isn't as pronounced and distinct as was previously perceived."

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Just Eat launches first drone deliveries in UK and it could change takeaways forever
Just Eat launches first drone deliveries in UK and it could change takeaways forever

Just Eat Takeaway has initiated its first drone-operated food deliveries, marking the beginning of a significant rollout in collaboration with Manna Drone Delivery. The initial location for the rollout will be Dublin. Customers ordering from participating restaurants can now choose drone delivery and receive their meals in as little as three minutes, as reported by City AM. The service is designed to enhance efficiency and reduce delivery times during peak hours and is anticipated to expand across the food delivery giant's international markets. Manna's drone network currently operates under European Union aviation safety agency (EASA) regulations, and the company is actively collaborating with local authorities to extend the service to more countries. Jessica Hall, chief product officer at Just Eat, expressed: "We're very excited to be working with Manna to offer an alternative form of delivery, ensuring customers receive what they want, when they want it." She added: "This partnership is the latest in our commitment to testing innovative solutions that enhance convenience and improve user experience". Bobby Healy, Manna's CEO, described the partnership as a "major milestone for drone delivery in Europe", adding that "by combining Manna's expertise in scalable drone operations with Just Eat Takeaway.com's vast customer base and logistics network, we're setting the standard for sustainable, convenient and safe food delivery." This crucial drone initiative forms part of Just Eat's wider push for innovation.

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Applied Nutrition seals USA and Holland & Barrett deals as its Coleen Rooney range expands across UK
Applied Nutrition seals USA and Holland & Barrett deals as its Coleen Rooney range expands across UK

Health and wellness brand Applied Nutrition has announced three new American deals – and an expanded partnership with Holland & Barrett that will see its new Colleen Rooney range go on sale in hundreds of UK stores. Knowsley-based Applied Nutrition has agreed a joint business plan with Holland & Barrett that will see the health and wellbeing retail chain increase the distribution of currently listed products and take a range of new ones. The Mersey firm said: “The first order under the new JBP was received this month and included the new Coleen Rooney range, which will be available in 500 stores” The deal will also see Holland & Barrett get early access to Applied Nutrition’s new products in development, allowing them to get products to their shelves more quickly. Applied Nutrition hopes the deal will treble its revenue from Holland & Barrett, already one of the group’s largest customers. In the USA, Applied Nutrition has secured deals with GNC Corporate, one of the largest specialty retailers in the US, Hy-vee, the largest regional grocery chain in the Midwest, and leading Texan grocery chain H-E-B. Applied Nutrition products will now go on sale in more than 1,000 new stores across the country, and the group says the deals “are expected to start contributing to revenue during H2 FY25 with an annualised spend of $3m”. Thomas Ryder, CEO of Applied Nutrition, said: “It is great to see such momentum with existing and new customers, further reinforcing the growth potential of the business. Not only are we significantly strengthening and growing our trade with existing key valued partners such as Holland & Barrett we are also securing new listings from major retailers in the US which is a key growth market. We look to the future with confidence and we remain focused on driving profitable growth throughout H2 and beyond.”

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Deliveroo swings to first full year profit as orders jump in UK and Ireland
Deliveroo swings to first full year profit as orders jump in UK and Ireland

A surge in takeaway and grocery orders across the UK and Ireland helped Deliveroo turn a profit last year. The food delivery firm informed markets this morning that its gross merchandise value (GTV) rose by five per cent to £7.4bn for the year ending December 31, up from £7bn the previous year, as reported by City AM. The company reported an annual profit of £2.9m, a significant improvement from a loss of £31.8m the year before. Revenue increased two per cent year on year, from £2.03bn to £2.07bn, while gross profit climbed six per cent to £767m. Deliveroo also saw a two per cent growth in its customer base during the year, with average order frequency increasing across all groups and improved retention throughout the year. "The robust results we've announced today, with our first full year profit and positive free cash flow as well as GTV growth across our verticals, demonstrate that our strategy is working," said Will Shu, Founder and CEO of Deliveroo. "Whilst the consumer environment remains uncertain, I am confident that we can continue to deliver growth by focusing on the levers in our control: supporting our restaurant partners to meet untapped consumer demand around new occasions, expanding our grocery and retail offering, and continuously improving our CVP [consumer value proposition]." The company aims for high-single GTV growth in 2025 and expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to be in the range of £170m-190m. In the medium term, it will target mid-teens percentage growth per year in GTV, and an EBITDA margin of four per cent. Deliveroo also announced its exit from the Hong Kong market on March 10, which led a London broker to label the brand "underappreciated". "Both earnings before interest, tax, depreciation and amortisation (EBITDA) and group GTV growth [revenue] are set to benefit from this market exit," Panmure Liberum analysts said.

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