Ocado, M&S still talking over final Ocado Retail payment, says jv CEO
Reuters
Published Mar 26, 2024 09:35
LONDON (Reuters) - Talks between Ocado (LON:OCDO) Group and Marks & Spencer over the final payment for the pair's Ocado Retail online supermarket joint venture are continuing, its boss said on Tuesday.
Ocado Group and M&S (LON:MKS) are wrangling over the payment for M&S's share of the venture which was formed in 2019.
M&S says the jv has not met the performance criteria for the payment. Ocado Group says the target should be adjusted and has threatened legal action.
"The conversations are ongoing ... It's a conversation between Ocado Group and Marks & Spencer," Ocado Retail CEO Hannah Gibson told reporters after the jv updated on trading.
"I know there's been a lot of focus externally on our shareholders (Ocado Group and M&S) but I am just 100% focused on running the business, improving the proposition for our customers," she said, adding that the row was not impacting the day-to-day operation of the business.
M&S did not have an immediate comment.
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Written By: Reuters
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