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Ocado announces flotation plans
Tue, 07 Feb, 2012
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Ocado announces flotation plans
Fri, 25 Jun 2010, 09:41:00
Grocery delivery firm Ocado has confirmed that it intends to issue about £200m in shares when it presses ahead with its much anticipated flotation this year. It added that existing shareholders are likely to sell a similar number of shares. The John Lewis Partnership's pension fund is expected to sell a large part of its 29% stake in the company. The John Lewis Partnership owns the department store of the same name and Waitrose, the grocery chain that supplies Ocado. A 10-year deal between Ocado and Waitrose was agreed last week. Funds from the share issue will be used to pay down deal and pay for a second distribution centre, Ocado said. News of Ocado's flotation plans comes as it revealed a 30% rise in revenues to £230m in the 24 weeks to May 16 from the same period a year ago. The company has yet to record a pre-tax profit however. Ocado is one of a handful of companies that has announced flotation plans as the economic outlook brightens following the financial crisis. Supergroup, the company behind the Superdry fashion label, and India-focused energy group Essar Energy have also floated recently. However, other flotation plans have been put on hold, such as that of the fashion chain New Look.
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