Online grocer Ocado has today confirmed that the John Lewis Pension fund has sold its stake in the firm but said that the move will not affect its partnership with Waitrose.
Ocado currently has a deal to deliver goods for the John Lewis Partnership’s grocery arm, and the offloading of this 10 per cent share will have no bearing on this deal.
A statement from Ocado stated: “The sale does not affect the existing commercial arrangements between Ocado and Waitrose (which is a wholly owned subsidiary of the John Lewis Partnership).
“A new 10 year supply agreement was entered into by Waitrose and Ocado in May 2010. The sale is being undertaken by the John Lewis Partnership Pensions Trust as part of its investment management activities.”
Profits were posted for the first time by Ocado when its fourth quarter results were published at the start of this month and sales have been steadily increasing over the last year.
Shares in Ocado dropped to 252p each early this morning following the announcement after finishing last night on 285p.