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Ocado float admission raises eyebrows
Ocado float admission raises eyebrowsDean Best | 17 June 2009
Today's (17 June) admission from Ocado, the UK online food retailer, that is aiming to float on the stock exchange next year came as a surprise.
Ocado has already proved an attractive investment for at least industry player, Procter & Gamble, which bought a stake in the business last year.
However, Ocado operates in a buoyant channel but it is facing fierce competition from the likes of Tesco and Sainsbury's and is yet to turn a profit.
What's more, one of the company's founders, Jason Gissing, is reported, in the not-too-distant past, to have been opposed to a possible float.
According to The Times, Gissing said last year: "I would rather shoot myself than be FD of a listed company. I didn’t start Ocado to sit in a room full of suits and have them abuse me about quarterly earnings.”
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