Ocado beefs up board for IPO

Online retailer Ocado will boost its plans to float today when it announces it has reinforced its board with David Grigson, former finance director of Reuters and Ruth Anderson, the former vice-chairman of KPMG UK as non-executive directors. The 10-year-old internet firm will also say gross sales grew by a quarter to £427.3m in the year to 29 November. Underlying sales were up 22 per cent while operating losses shrank by a third to £14.4m. Ocado is gearing up for a £1bn initial public offering (IPO) later this year and is close to appointing investment banks as advisers.