Ocado Group CEO Tim Steiner believes M&S owes £190.7m due to disputed joint venture payments.

Ocado Group CEO Tim Steiner has expressed confidence that Marks & Spencer (M&S) owes the company a "substantial amount of money" due to a payment dispute within their joint venture, Ocado Retail. M&S is set to pay Ocado a final £190.7 million instalment as part of their £750 million 50-50 partnership, but Ocado's latest annual results reveal that the retail joint venture did not meet the necessary performance measures to secure the payment, leading to an estimated fair value of £28 million. Ocado's CEO hopes for a settlement, but if unsuccessful, the company may resort to formal litigation.

February 29, 2024
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