Ocado Retail Ltd (Ocado), the UK’s fastest growing supermarket, has secured a multi-million pound funding package from Shawbrook to strengthen its delivery capabilities across the UK. This investment will see the acquisition of 43 new refrigerated vans, enhancing Ocado's capacity to meet increased customer demand.
Prioritising continuous fleet optimisation for efficient deliveries, Ocado partnered with Charles & Dean Finance, a specialist commercial finance broker. Recognising the specific requirements and tight timelines, Charles & Dean connected Ocado with Shawbrook's Digital SME team, known for its tailored funding solutions.
The Shawbrook team worked closely with both parties to fully understand Ocado's needs, structuring a bespoke multi-million-pound package that facilitated the smooth acquisition of the new vehicles.
Ocado leverages innovative financing solutions like this to free up valuable cash flow, allowing the company to continue investing in cutting-edge advancements and initiatives to enhance the customer experience, ensuring Ocado remains competitive and delivers exceptional service – both online and offline– to its valued customers across the UK.
Mat Ankers, chief financial officer at Ocado Retail said: "The teams at Shawbrook and Charles & Dean have excelled throughout this process. They listened to our needs and built a product tailored to that, supported us through the process and communicated clearly and transparently throughout. It's refreshing to work with businesses who have the same growth mindset and delivery focus as Ocado has."
Omar El Faramawi (pictured), head of external sales for Digital SME at Shawbrook, said: “We identified a strong synergy with Ocado's approach, which, like ours, leverages a blend of human expertise and digital solutions to deliver an exceptional customer experience. This focus was evident in our collaborative approach to this transaction. Our sales, legal, risk, credit and post-approvals teams worked seamlessly alongside longstanding broker partner, Charles & Dean to curate a bespoke funding solution with great efficiency. We’re proud to be partnering with Ocado and look forward to working further with them in the future.”
Tom Perkins, director at Charles & Dean said: "Ocado needed a financing solution that was both swift and adaptable, despite the deal's complexity. Human expertise and a tailored approach were crucial. We were confident Shawbrook could fit the bill perfectly for Ocado, and we're delighted to have facilitated this successful partnership that helps Ocado achieve its objectives."
