Jun 21, 2022
Ocado taps investors for £575mn as UK economy slows
Online grocer Ocado has raised £575mn from investors as the once-high flying group seeks to sustain its expansion amid a slowing UK economy. The move by Ocado comes as a combination of the sell-off in technology stocks, a consumer slowdown in the UK and a reversion to pre-pandemic shopping habits combine to slow growth at the group. In a statement, Ocado said that the proceeds of the shares sale will give the company "Enough liquidity to fund the requirements of its existing and expected customer commitments into the midterm". A favourite of investors during the early stages of the pandemic, Ocado's stock has fallen almost 50 per cent over the past six months. As well as an online delivery business in the UK, Ocado sells its warehouse technology and robotics to supermarkets.
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