May 2, 2018
Ocado strikes partnership with Swedish grocery chain
Ocado has unveiled a deal to build Swedish supermarket ICA's online grocery business, in the third big international partnership for the British supplier of technology and robotic warehouses to the retail industry. It is the first time Ocado has sealed a deal with a national market leader: ICA has roughly 1,300 stores in Sweden and a grocery market share of about a third. Ocado said the first ICA warehouse in the Stockholm area would take about three years to complete. Ocado expects to invest £210m in the current financial year. The ICA deal will not materially increase that figure, but finance director Duncan Tatton-Brown told reporters that the peak cash outflow from the agreement would be about £30m. Ocado raised £150m from shareholders in February, but Bruno Monteyne at Bernstein expected it would run out of cash again within 18 to 24 months.
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