UK online food retailer Ocado is targeting a float on the stock exchange next year, the company told just-food today (17 June).

A spokesperson for Ocado said the business was "aiming to do a float next year".

The move comes as Ocado battles it out in the UK's fast-growing online grocery channel with the likes of Tesco and Sainsbury's.

Last week, Ocado became embroiled in an advertising spat with Tesco, with its larger rival accusing the business of "misleading" price claims.

Ocado has already secured investment from consumer goods giant Procter & Gamble, which bought a 1% stake in the business in November.