Deliveroo Hit by Investor, Rider Revolt Ahead of London IPO
- Legal & General, Aberdeen, Aviva say they won’t buy shares
- IWGB says hundreds of riders expected to participate in strike
A takeaway food courier, working for Deliveroo, cycles in London.
Photographer: Hollie Adams/BloombergInvestors and riders are raising concerns about the way Deliveroo Holdings Plc treats its couriers in the run up to the company’s initial public offering next week, highlighting a key issue for the startup as gig economy workers lobby to secure more protections from the platforms that rely on them.
Legal & General Investment Management, Aberdeen Standard Investments and Aviva Investors, three of the U.K.’s biggest asset managers, are among the fund managers who said this week they won’t be participating in the IPO. The investors, which manage more than $2.5 trillion combined, said that, among other issues, they’re concerned that the company’s treatment of riders doesn’t align with socially responsible investing practices.