ONLINE grocer Ocado is to start delivering Marks & Spencer food in a new £750million deal announced this morning. M&S has previously not offered customers a home delivery option but the new…
The deal could result in lower prices for customers and Ocado-branded products being sold in M&S stores9:57 am
It brings an end to Ocado's long-running partnership with Waitrose, which had been coming up for renewal this week.will fund the deal by selling £600million of shares and by cutting its dividend payout to shareholders by 40 per cent, but it predicts it can achieve cost savings of up to £70million a year.
Tim Steiner, Ocado's chief executive, said: "This is a transformative moment in the UK retail sector with the combination of two iconic and much-loved retail brands set to provide an unrivalled online grocery offer."
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