Jun 10, 2020

Ocado raises £1bn as online grocery booms

Online supermarket Ocado is to raise more than £1bn of fresh equity and debt as it seeks to capitalise on a surge of interest during the coronavirus crisis. The group said the pandemic had been a "Catalyst" for a permanent and significant move towards online grocery deliveries. The group said it believed "The Covid‐19 pandemic is increasing interest in Ocado as grocery retailers around the world seek to accelerate the development of their online offer to customers". In the UK, online penetration in grocery has almost doubled in recent months to 13 per cent of the market, while in the US, survey evidence suggested 90 per cent of shoppers who bought groceries online in March would continue to do so. Tim Steiner, Ocado co-founder and chief executive, said the recent rapid move online would "Redraw the landscape for the grocery industry worldwide".

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