LIVE BUSINESS: Nationwide nets £2.3bn from Virgin Money deal; Just Eat delists from LSE; EasyJet profits increase

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

The value of the group’s London-listed shares has plunged almost 85 per cent since their debut in February 2020 to £77.40 each, as waning post-Covid demand and aggressive expansion efforts have eroded their results.

Just Eat told investors this morning that it would exit London at the end of this year “to reduce the administrative burden, complexity and costs associated with the disclosure and regulatory requirements to maintain” the listing.

Nationwide Building Society will make net profits of £2.3bn from its imminent acquisition of Virgin Money UK, well above the previous forecast of up to £1.5bn.

But the mutual recorded a 43 per cent drop in profits for the first half of the year to £568 million, as falling interest rates eroded margins while it increased payments to its members.

“The standout feature of the update was the huge £2.3bn gain from the Virgin Money UK acquisition reported by Nationwide this morning,” said John Cronin, financial industry analyst at SeaPoint Insights.

“This is much higher than expected when the deal was first announced and reflects positive fair value adjustments on the acquisition, as well as some tangible capital build-up in Virgin Money UK.”