Deliveroo couriers can earn as little as £2 an hour, according to a survey of more than 300 riders for the food delivery service. As the company prepares for an £8.8bn stock market flotation next month, analysis of thousands of invoices sent in by riders found that as many as a third of the riders who took part in the survey received less than the legal minimum hourly wage for over-25s of £8.72. Deliveroo has said riders are paid more than £10 an hour on average, but the analysis by the Bureau of Investigative Journalism of invoices collected via Independent Workers’ Union of Great Britain found more than half of the couriers were paid less than that. It found that one cycle courier in Yorkshire was paid the equivalent of £2 an hour over 180 hours of work. The food delivery group does not guarantee minimum pay rates, as it argues couriers are independent self-employed contractors not entitled to benefits such as holiday pay and thee national minimum wage. Couriers are supposed to receive an average £4 to £5 an order but they say that pay rates are complex, making it hard to calculate what they are owed. Deliveroo says those logged on to its app are not necessarily working for it, as they are free to reject work without penalty and could be working for other apps at that time. The evidence of low pay emerges as Deliveroo faces rising concerns about pay and conditions for its workers. One of the UK’s top fund managers, Aviva Investors, on Wednesday said it would boycott Deliveroo’s London stock market debut partly because of concerns about riders’ employment rights. Along with other gig economy operators, Deliveroo has faced legal challenges around the world from couriers and drivers seeking access to basic rights, such as minimum wages and holiday pay. Documents released before its IPO revealed that Deliveroo had set aside more than £112m to cover potential legal costs relating to the employment status of its delivery riders. It flagged the litigation over employment status as one of a number of risks it faces saying: “We recognise the inherent uncertainty connected to regulatory inspections and investigations.” Tom Powdrill, head of stewardship at shareholder advisory group Pirc said: “Investors considering taking a position in Deliveroo should familiarise themselves with these matters and the risks and responsibilities involved along with all other relevant factors. Challenges to the current employment model are financially material.” A Deliveroo spokesperson said: “We are proud to provide work for 50,000 riders in the UK and that thousands more people apply to work with us every week. “We are confident in our business model, which has been upheld by UK courts three times, including the high court twice. “Deliveroo riders are self-employed because this gives them the freedom to choose when and where to work. “Every rider is protected with free insurance and our way of working is designed around what riders tell us matters to them most – flexibility.” This article including the headline was amended on 25 March 2021 to better reflect the findings of the survey