Takeaway website Just Eat is on the cusp of entering the FTSE 100 stock index after its market value leapfrogged Sainsbury’s.
Just Eat’s share price has soared by around 180 per cent since the company listed on the stock exchange in 2014. Its recent £200m takeover of Hungryhouse has further inflated its market value, bringing it to over £5.5bn, compared to Sainsbury’s, which currently stands at just over £5bn.
The latter went public in 1973 and its shares have lost around 60 per cent of their value over the last decade, partially as a result of fierce competition from discounters and massive online rivals.
Just East was founded in 2001 in Denmark now serves 12 markets around the world. It has around 19 million customers. In the UK it works with over 28,000 restaurants to deliver food.
The FTSE 100 is made up of the UK’s 100 biggest publicly listed companies. Its constitution changes on a quarterly basis reflecting companies’ growing and reducing market values.
In September, NMC Health and Berkeley Group joined the bluechip index, pushing out Provident Financial and Royal Mail. The next reshuffle is due to take place next month.
