Ocado Ends Legal Fight With M&S Over £190 Million Payout
The online grocery venture failed to meet performance targets set in 2019, leading to the termination of the legal dispute.
Business & Markets • 2 months ago
Ocado has ceased its legal battle with Marks & Spencer concerning a £190 million performance payout tied to their online supermarket joint venture. The decision comes after Ocado Retail, the 50/50 partnership between the two companies, did not achieve the targets originally established in 2019 as part of their £750 million agreement.
This agreement marked M&S's entry into online grocery sales. Ocado boss Tim Steiner had contended that external factors, including the COVID-19 pandemic, should have been considered when assessing the venture's failure to meet its objectives. A spokesperson for M&S stated that the company maintains a positive relationship with Ocado.