For every bear betting against Ocado, the online grocery retailer-turned-technology player, there are more bulls who have become rich on the back of its surging share price (Ashley Armstrong writes).
Many of those bulls are evangelical about the company, arguing that the astonishing doubling of the online food market since the start of the Covid-19 pandemic is further vindication of Ocado’s business model. Even when the country was in the depths of lockdown, Ocado was able to tap investors for an additional £1 billion to accelerate its plans for building more robotic warehouses and winning more overseas technology contracts.
The enthusiasm around Ocado’s position at the centre of the online revolution meant that it briefly eclipsed Tesco’s £21 billion valuation last month, making it Britain’s
