Food delivery service Deliveroo is to hand out £10m in stock options to its staff as it closes in on a public listing.
The delivery business, whose green and black liveried bicycling couriers are a familiar sight on the streets of the City, is to hand the stock options to almost 2,000 permanent staff.
According to Sky News Deliveroo founder Will Shu told employees last week that permanent employees would receive the stock options in the next few months.
Shu said: “Employees at Deliveroo have made the company what it is today, and what sets us apart is our immense hunger to win, strong focus and care and a clear vision for the future.
“Our phenomenal growth and success has been made possible thanks to the hard work, commitment and passion of the people who make this company what it is, and that deserves recognition which is why I want all employees to be owners in Deliveroo and to have a real stake in the company’s future as we expand and grow.”
Its cycling delivery drivers, who are classed as self-employed, will not share in the windfall.
The move is seen as a precursor to a potential initial public offering in London or New York.
Earlier this month Deliveroo said it would enrol all of its 35,000 riders into an insurance scheme that covers injuries sustained both on and off duty.
The insurance scheme is expected to cost almost £10m.
The largesse to its permanent staff comes as the Independent Workers Union of Great Britain, a union that represents workers in the gig economy, is aiming to raise £50,000 to fund a court battle against Deliveroo.
Having lost a previous case at the Central Arbitration Committee which ruled that Deliveroo's delivery workers were self-employed, the union is now planning to launch a judicial review of the decision, which has been slated for 12 June.