Deliveroo losses soar to £147m as cost of living crisis bites

Deliveroo said its pre-tax losses widened by 54% because of the rising cost of delivery riders and staff. Photograph: BMD Images/Alamy

Losses at Deliveroo soared by more than half to £147m in the first six months of the year, with the embattled company facing a dramatic slowdown in revenue growth as the cost of living crisis affects the demand for takeaways.

The London-listed company also announced that Simon Wolfson, the chief executive of the clothing retailer Next, is to step down from the board with immediate effect.