Online grocer Ocado’s share slipped after John Lewis’s pension trust sold its remaining 10% stake in the etailer for £152m.

Ocado will continue to sell Waitrose products after a striking a new 10-year supply deal with the John Lewis-owned grocer last May.

But Shore Capital analyst Clive Black, who rates Ocado a sell, said the disposal weakened financial and emotional ties between the two organisations. “Waitrose itself is pressing on with its online grocery capabilities, particularly in London,” he said. “Waitrose is a class retailer that Ocado piggybacks off.

“The store-based chain has to prove that it can fulfil effectively, a function that Ocado can claim success with, but should it do so then we see many customers potentially going straight to the horse’s mouth.”

Jefferies analyst James Grzinic, advising hold, said: “We do not see any operational significance.”

Topics