Ocado to float on the LSE to fund new DC

Commercial Motor

June 29, 2010

The need for a new distribution centre (DC) in the Midlands is believed to be one of the main reasons behind online retailer Ocado's plans to float on the London Stock Exchange.

The grocery delivery group, which has yet to make a profit, has announced its intention to proceed with an initial public offering of its ordinary shares.

Roadtransport.com understands the business is hoping to raise £200m of new capital, much of which is expected to fund a new Midlands DC.

The new DC would be able to serve the north, and complement Ocado's facility in Hatfield, Hertfordshire.

Andrew Bracey, Ocado chief financial officer, comments: "We believe now is an ideal time in Ocado's development for it to fund the growth and expansion of the business by raising capital in flotation."

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