Mutares sells Stuart to Quiver after three years of losses

A turnaround left unfinished

The progress did not produce a sustainably profitable model. Mutares' 2025 financial report describes a significant revenue decline, attributed to the loss of its main client, Just Eat, under the previous owner, and to other departures in a highly competitive market. Several contracts with retained key accounts were renegotiated at lower prices.

Stuart cut staff, adjusted capacity and trimmed software and infrastructure spending. Mutares says lower cost per order largely offset the price concessions. The operating result improved in 2025 but stayed deeply negative, and management aimed to halve the operating loss in 2026 and reach profitability in the medium term.

The 2026 half-year report shows significantly higher revenue and a better operating result, though still negative. Management expected much higher revenue in the second half but also a significant deterioration in operating result.

What Quiver brings

Founded in London in 2021, Quiver combines a proprietary platform with its own delivery network. According to the seller's adviser CFI, it remains majority-owned by founders Matthew Barrie and Louis Collar-Smith, alongside private investors. It targets retailers wanting same-day delivery from stores or local fulfilment hubs.

Stuart adds a footprint in France and Poland and strengthens Quiver in the UK. The combination is meant to broaden the offering and merge the technology of both platforms, with potential to pool volumes and some costs.

Without the sale price or details of cash flows during the holding period, Mutares' financial return cannot be calculated. Quiver now has to show when Stuart can break even.