CITY MOVES | WHO’S SWITCHING JOBS July 6, 2010 Clifford Chance The legal giant said yesterday that Simon Tinkler has been elected leader of its London corporate practice, for a term of four years. Tinkler has been at Clifford Chance since 1995. A private equity expert, he has recently advised on deals such as Duke Street’s disposal of Simple, Sandpiper on its sale of [...]
Ocado sets £1.2bn valuation for listing July 6, 2010 ONLINE grocer Ocado is aiming for a valuation of over £1bn in its planned initial public offering (IPO), despite turbulent markets and scepticism among some analysts and investors. The firm, which announced plans last month to raise £200m in a stock market listing, said on it would price its shares at between 200 pence and [...]
Doubts over Ocado value July 5, 2010 OCADO can expect a frosty reception to its prospectus when it finally launches this morning, as investors and analysts baulk at the expected £1bn valuation of the firm. The roadshow will get underway this afternoon but Ocado bosses face an uphill struggle if they are to persuade investors to part with their cash. The head [...]
CITY VIEWS: WOULD YOU INVEST IN OCADO? July 5, 2010 JOHN BUTTERWORTH | INSURANCE CONSULTANT “I don’t think there is a problem with the firm floating. The long-term Waitrose deal is a definite plus point. It’s something different for investors: rewards come from taking a punt.” EMMA ATKINS | KENNEDY LAW “Online shopping is so convenient and the timing could be right for them. I [...]
Ocado issues IPO prospectus July 4, 2010 OCADO will this morning unveil the prospectus for its ambitious initial public offering, which it hopes will value the firm at more than £1bn. The online grocery delivery firm will begin a two week roadshow tomorrow as it seeks to convince investors it is worth the monster sum despite never turning a profit. Ocado, which [...]
Ocado to float June 24, 2010 ECHOES of the dotcom bubble returned to the City yesterday, as an online grocery delivery firm that has not turned a profit in 10 years confirmed it will float with an estimated value of £1bn. Ocado said it will seek to raise £200m when it floats this year and expects existing shareholders to cash in [...]
Waitrose to acquire five stores in Channel Islands June 23, 2010 WAITROSE is buying five supermarkets in the Channel Islands. Local chain Sandpiper CI has sold the stores to the UK supermarket giant. The deal is subject to the approval of the Jersey Competition Regulatory Authority. It is not expected to complete before the end of October. It will include the three Checkers supermarkets in Jersey [...]
Ocado to report a healthy sales drive June 20, 2010 THE online grocer, Ocado, aims to make its stock market debut by the middle of next month and is expected to make a formal announcement next week. The company has achieved soaring sales but has yet to make a pretax profit. Ocado hopes to achieve a valuation of £1bn and has appointed JPMorgan Cazenove, UBS [...]
Ocado June 20, 2010 THE former Goldman bankers behind Ocado certainly have chutzpah. Trying to reach a £1bn valuation in a flotation is a tall order for pretty much any firm in these times; to do so without having turned a single penny of profit is nothing short of brazen. Ocado’s product is top-drawer in many respects, there’s no [...]
SANDWICH TALKS GO STALE June 20, 2010 DEAL discussions between the husband-and-wife owners of Eat, Niall and Faith MacArthur, and Waitrose have ended after the two sides were unable to agree a price for the sale of the fast food business. Eat, which is valued at between £100m and £150m, will now concentrate on expanding beyond its 100 outlets.