Business
Completion of Arrangements with M&S
Completion of Arrangements with M&S.
About this update from Ocado Group Plc
[{"type":"text","content":"\n \nRNS Number : 8663H Ocado Group PLC 05 August 2019 \n\n5 AUGUST 2019\nOCADO GROUP PLC\n \nCompletion of arrangements with Marks and Spencer Group plc (\"M&S\")\n \nOn 27 February 2019 Ocado announced that it had entered into certain arrangements with M&S and members of its group to establish a new 50/50 joint venture comprising Ocado's UK grocery retail business (\"Ocado Retail\"), supported by a new partnership for solutions services underpinned by the Ocado Smart Platform and the provision of branding and sourcing from M&S (the \"Arrangements\"). Further details of the Arrangements are set out in Ocado's shareholder circular published on 26 April 2019. \n \nOcado's shareholders voted in favour of the Arrangements on 20 May 2019. Following the satisfaction of certain other conditions, Ocado is delighted to announce that completion of the Arrangements took place today with the sale of 50 per cent. of Ocado Retail Limited to a wholly owned subsidiary of M&S.\n \nFollowing completion of the sale, Ocado has appointed Melanie Smith, currently Strategy Director at M&S, as CEO of Ocado Retail Limited and Lawrence Hene, currently the interim managing director of Ocado Retail Limited, as deputy CEO for a transitional period before he moves back into a senior role within the Ocado group.\n \nThe other directors of Ocado Retail Limited are Tim Steiner and Duncan Tatton-Brown, respectively Chief Executive Officer and Chief Financial Officer of Ocado, and Steve Rowe and Stuart Machin, respectively Chief Executive Officer and Food Managing Director of M&S. Tim Steiner will also be chair of the board of Ocado Retail Limited. \n \nAlthough M&S is now a 50 per cent. shareholder in Ocado Retail Limited, as described in more detail in the Circular, Ocado Retail will not sell M&S products until 1 September 2020, unless Ocado Retail's current arrangements with Waitrose terminate sooner. From that date, over three quarters of the UK population will be able to shop for a full supermarket range via Ocado.com, comprising over 6,500 M&S food products, Ocado's exclusive brands and own label products, and a full range of branded goods.\n \nTim Steiner, Chief Executive Officer, Ocado, said:\n \n\"Ocado Retail's future, as part of a joint ...