Ocado chairman Lord Rose sells shares

Published by Scott Challinor on February 29th 2020, 9:00am

Ocado chairman Lord Rose of Monewden has sold £1.68 million worth of shares in the business.

The Conservative peer has been chairman of the online grocer since 2013, and has now sold off 150,000 shares in the company priced at £11.24 each.

Lord Rose’s saw fit to cash in after Ocado reported a £214.5 million pre-tax loss, almost five times higher than the losses posted for the previous year [£44 million].

The blame was pinned on one-off costs coming as a result of a blaze which caused damage to an automated company warehouse in Andover, Hampshire, back in February 2019, which ran up one-off charges of £94.1 million according to the company.

Other costs includes the sale of its beauty arm to retailer Next and ongoing payment of legal fees as the business remains embroiled in a bitter dispute with co-founder Jonathan Faiman. Its executives also received generous annual salaries in spite of its performance, with founder Tim Steiner taking home dividends of £58.7 million in 2019.

It is not the first time that Lord Rose has cashed in on his stock, having sold two separate chunks of shares in two days during June 2019, which returned £7.4 million in total.


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Authored By

Scott Challinor
Business Editor
February 29th 2020, 9:00am

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