Ocado is facing pressure from shareholders to consider leaving the London stock market for New York.
According to The Telegraph, face-to-face discussions have been held with investors in recent weeks where the idea of moving its listing to America was spoken about in detail.
Speculation about Ocado’s possible departure is being fuelled by the collapse of its share price following record highs during the pandemic when consumers shopped more online.
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The group’s stock has plunged 90% from a peak of more than £28 in 2020 to less than £3.80 today (22 April).
City sources told the publication that chief executive Tim Steiner could be “persuaded” to move to the US as some investors consider the business a loss-making online supermarket rather than a technology company.
It comes as Ocado is set to face another shareholder revolt at its annual general meeting this month over a new pay scheme which could see Steiner awarded a bonus of up to £15m.
Two advisory groups have urged shareholders to vote against the new pay policy and share awards over concerns of “excessive pay”.
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