Ocado moves slowly to flotation with FD appointment
By appointing a finance director Ocado has shown that the stock market is receptive to retail listings and that it has itself moved one significant step closer to its long-mooted market debut.
Current finance director and co-founder of Ocado Jason Gissing is to step aside and make way for Andrew Bracey who joins the online grocer from investment firm Jefferies International where his role involved advising Ocado.
The move marks a significant step for the company that has long been talked about as a float candidate and which could have a value of between £500 million and £600 million. Along with the three co-founders, a major beneficiary of the float would be John Lewis, which was an early investor in Ocado and placed the investment in its pension fund two years ago.
The appointment of Bracey will also enable Gissing to concentrate on other tasks within the company that continues to grow at a rapid rate and moves closer to breaking even.
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