Deliveroo is planning to end its operations in Holland.

The move comes as the food delivery business records a pre-tax loss of £147 million in the first half of the year, up from a £95 million loss during the same period of 2021.

The company said that the Netherlands currently represents one per cent of its group gross transaction value (GTV).

The tech business, which saw revenue increase by 12 per cent due to commission revenue, consumer fees, and an increased income from advertising, said that the decision reflects its aim to maximise returns on investment while meeting probability targets against a challenging economic backdrop

"This is not a decision we have taken lightly,” said Eric French, chief operating officer, international, Deliveroo. “We want to thank all of our employees and riders, who will be supported throughout this consultation process."

The company said that it has made good progress on delivering its profitability plan, despite consumer headwinds and slowing growth.

Deliveroo's latest figures are published as Next boss Lord Wolfson announces he is stepping down from the board.

"After much consideration, and with regret, I believe that the time required to continue in my role at Deliveroo is no longer compatible with my executive and other commitments,” said the Next chief executive.

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