BUSINESS LIVE: Nationwide bags £2.3bn from Virgin Money deal; Just Eat quits LSE listing; EasyJet profits up

Just Eat Takeaway.com will delist from the London Stock Exchange as the Dutch food delivery app looks to cut costs and complexity.

The value of the group’s London-listed shares have plunged almost 85 per cent since the February 2020 debut at £77.40 each, as waning post-Covid demand and aggressive expansion efforts have eaten away at its bottom line.

Just Eat told investors this morning it would quit London at the end of this year ‘in order to reduce the administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining’ the listing.

Nationwide Building Society is set to net gains of £2.3billion from the looming takeover of Virgin Money UK, well ahead of previous guidance of up to £1.5billion.

But the mutual posted a 43 per cent drop in profits for the first half of the yea to £568million, as falling interest rates ate into margins while it increased payouts to its members.

‘The standout feature of the update was the enormous £2.3bn gain on the acquisition of Virgin Money UK reported by Nationwide this morning,’ said John Cronin, a financials industry analyst at SeaPoint Insights.

‘This is much higher than had been expected when the deal was first announced and reflects positive fair value adjustments at acquisition as well as some tangible equity build at Virgin Money UK.’