Category Archives: Ocado

NatWest expected to name ex-Centrica boss as chair after Farage saga

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Rick Haythornthwaite, who leads boardrooms of Ocado and the AA, lined up to succeed Howard Davies

NatWest is expected to announce shortly that a former Centrica boss will be its next chair, as the lender continues to deal with the fallout from the scandal surrounding the threatened closure of Nigel Farage’s bank accounts.

Rick Haythornthwaite – who previously chaired Network Rail and Mastercard as well as the British Gas owner and currently leads the boardrooms of Ocado and the AA – could be confirmed as a successor to Howard Davies as early as Wednesday afternoon, the Guardian understands.

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M&S faces ‘gathering storm’ as joint venture with Ocado makes loss

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Marks & Spencer profits fall by almost 24%, although clothing, food and international sales rise

Marks & Spencer has said it faces a “gathering storm”, with next year likely to be more challenging than this after reporting a near 24% fall in profits.

The clothing, food and homewares retailer said sales rose 8.8% to £5.6bn in the six months to 1 October but underlying pre-tax profits sank 23.7% to £205.5m as its Ocado online grocery joint venture fell into the red and it pulled out of Russia.

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Ocado shares soar as it signs deal with South Korean retailer

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Online grocer to build robotic warehouses for Lotte Shopping in boost after slowing sales

The online grocer Ocado has struck a deal to build robotic warehouses for a South Korean retailer, sending its share price rocketing.

Under the deal with Lotte Shopping, Ocado will also provide technology for online grocery orders from Lotte’s stores. Financial details of the partnership were not disclosed.

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Ocado aims to raise £575m from investors to fund tech arm expansion

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Firm wants to ‘invest in innovation at faster pace’ and help clients as online grocery market grows

Ocado is aiming to raise £575m from investors to fund the expansion of its technology arm, which enables overseas retailers to sell groceries online. It has also agreed a new £300m credit facility with a syndicate of international banks.

Ocado said it wanted the cash to “invest in innovation at a faster pace” and help its clients, which include the US supermarket chain Kroger and the French grocer Casino, to accelerate the shift to online shopping.

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Top UK bosses are paid 115 times more than average worker, analysis finds

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Vast gap in earnings described as ‘unfair’ and ‘repugnant’ by trade union leaders

Bosses of top British companies will have made more money by teatime on Wednesday than the average UK worker will earn in the entire year, according to an independent analysis of the vast gap in pay between chief executives and everyone else.

The chief executives of FTSE 100 companies are paid a median average of £3.6m a year, which works out at 115 times the £31,461 collected by full-time UK workers on average, according to research by the High Pay Centre thinktank.

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Tim Steiner delivers the goods as Ocado’s value tops A 650m

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Tim delivers the goods: He was seen at the sleazy Presidents Club bash, but it was STILL a good week for the Ocado boss as the firm's value rises A 650m Tim Steiner is one of the business world's most enduring evangelists. Often derided for his fervent belief in the food delivery firm he founded with two pals from US bank Goldman Sachs at the height of the dotcom boom in 2000, it now appears he was right all along.