THG's Matthew Moulding defends Deliveroo's William Shu after negative media attention

Matthew Moulding, Founder and CEO at e-commerce firm THG, has taken to social media to defend Deliveroo founder William Shu, after he received criticism for leaving the food delivery business he co-founded 12 years ago once an acquisition by DoorDash is finalised next month.

In a LinkedIn post, Moulding said: “It was with mixed emotions yesterday that I read William Shu is standing down from the company he founded. I’ve spoken to Will a few times over the years, and exchanged messages, though I wouldn't say I know him. But what I do know is that the contribution he’s made to the UK makes him one of Britain’s finest entrepreneurs in recent times.”

He noted that, since starting Deliveroo, Shu has built it into a household name that goes head to head with US tech giants such as Uber. From an idea on paper, Deliveroo has gone on to give employment for 135,000 riders, with annual revenues of c£2 billion. “Just imagine the contribution this is making to the UK through tax receipts, direct and indirect employment - it's phenomenal,” Moulding commented.

He continued: “Will is one of a handful of founders who’ve built such a large business and listed it on the LSE. Anyone who’s followed the media will know Will and Deliveroo were given an unfairly brutal start to life as a UK public company. It's fair to say they were about as welcome on the LSE as a fart in a busy elevator, receiving a torrent of negative media attention supported by heavily shorting of Deliveroo's shares from the get go.”

“But Will rode through it all, focusing on the business and guiding it through a very tricky couple of years of global turmoil. The announcement that Will is now leaving the company he founded comes weeks after he agreed a sale of Deliveroo, swapping the LSE for new American owners. The trend of British entrepreneurs opting to swap their UK listings for new American owners is gathering pace. Darktrace and Alphawave Semi, who recently listed on the LSE, endured torrid experiences as public companies, resulting in them leaving the UK by selling to US owners.”

Moulding concluded: “The headlines I've seen have centred on how much money Will is receiving following the sale of Deliveroo. Let's be clear, he more than deserves the hundreds of millions he’s made from creating and building Deliveroo - nobody gave him it, he created it for himself.”

“Personally, I think a focus on the contribution Will has made to the UK would be more fitting, along with concern about the trend of British tech businesses needing to sell to overseas owners to get the recognition they deserve.”

“It’s no secret that Britain has plenty of challenges right now, with public finances spiralling out of control. The UK desperately needs more people like him building more Deliveroos - creating much needed jobs and tax receipts. Let’s hope he doesn’t now head off into the sun on a very large boat, instead preferring to start a new project that becomes an even bigger success than Deliveroo.”

2025 RTIH INNOVATION AWARDS

Food delivery will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which are now closed for entries with our finalists and shortlists being announced this week, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

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