Nov 28, 2017

Ocado in long-awaited tie-up with France’s Groupe Casino

Shares in Ocado jumped 22 per cent after the online grocer unveiled a deal to provide its robotic warehouse technology to France's Groupe Casino, kick-starting its efforts to transform itself into a tech business. Ocado finance director Duncan Tatton Brown said the group would recoup its investment in the Casino deal from a signing fee and ongoing payments from its French partner, which he said would relate to "Capacity utilisation" and would begin in 2019. "The building we expect Groupe Casino to want us to build is likely to be bigger than the building we have in Andover," he said. Ocado started out delivering Waitrose food in 2000 but became profitable only in 2014 after cutting a deal to run Wm Morrison's online grocery business. Clive Black, a veteran food sector analyst at stockbroker Shore Capital, said he was unable to fathom how much money Ocado would make from the Casino deal.

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