|Type||Public limited company|
|Traded as||LSE: OCDO|
|Founder(s)||Jonathan Faiman, Jason Gissing and Tim Steiner|
|Headquarters||Hatfield, Hertfordshire, United Kingdom|
|Area served||South East England, Midlands, North West England, the South Coast of England and most of Yorkshire, South West England and South Wales|
|Key people||Stuart Rose, Chairman
Tim Steiner, CEO
|Services||Groceries, consumer goods|
|Revenue||£792.1 million (2013)|
|Operating income||£1.0 million (2013)|
|Net income||£(12.5) million (2013)|
Ocado is an online supermarket and the largest online food retailer in the world. Former Goldman Sachs merchant bankers, Jonathan Faiman, Jason Gissing and Tim Steiner founded the company, which made its first commercial delivery in 2002. The company was floated on the London Stock Exchange on 21 July 2010 and is currently a member of the FTSE 250 Index, with headquarters just outside London in Hatfield, Hertfordshire.
Ocado was founded in April 2000 by Jonathan Faiman, Jason Gissing and Tim Steiner, former merchant bankers with Goldman Sachs. Ocado was launched in January 2000 as a concept and started trading as a business in partnership with Waitrose in January 2002. When the company first started, they ran every part of the business themselves.
In September 2006, Michael Grade became non-executive chairman of Ocado, shortly after Goldman Sachs were appointed as financial advisors. This led to perennial speculation that the business would seek a listing on the stock market. In July 2009 Ocado confirmed it was planning a stock market flotation.
In November 2008, the John Lewis Partnership transferred its shareholding of 29% into its staff pension fund. It also agreed a five-year supply deal with the business, replacing its previous one-year rolling deal. This deal was replaced in May 2010 with a 10-year branding and supply agreement. Procter & Gamble took a 1% stake in the company the same year. In February 2011, the John Lewis pension fund sold off its entire Ocado shareholding.
On 13 July 2009 Ocado released their first app for the iPhone. The app, called 'Ocado on the Go', allows users to do their grocery shopping without the need of a PC. On 19 April 2010 the company extended the app to Android devices. The Android app has a number of features that the iPhone app does not have, including the ability to control the app using only the voice.
Ocado's products include own brand groceries from the Waitrose supermarket chain as well as a selection of name brand groceries and other items, including flowers, toys and magazines. A range of Carrefour's products are also sold via Ocado.
Jez Frampton, CEO of Interbrand and non-executive director of Ocado, claims the name "Ocado" is a made up word and meant to be evocative of fresh fruit. The name forms a large part of the word "Avocado", a type of fruit.
- "Ocado History". Ocado. 2011. Retrieved 2 February 2014.
- Preliminary Results 2013
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- Wood, Zoe; Kollewe, Julia (12 February 2011). "Ocado share sell-off delivers £152m to John Lewis pension fund". The Guardian (London). p. 45.
- "devoted to your shopping". Ocado. Retrieved 21 July 2010.
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- Davey, James (7 November 2008). "Update 2-John Lewis moves Ocado stake to pension fund". Reuters. Retrieved 21 July 2010.
- "The French connection: Ocado strikes deal to deliver groceries from across the Channel to UK customers". Daily Mail. 27 June 2011. Retrieved 7 July 2011.
- Ocado starts to deliver on its promises Daily Express, 8 February 2013
- Mark Kleinman on marketing and the City: Can Ocado deliver more? Brand Republic, 22 September 2009