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Ocado has secured a multi-million-pound funding package from Shawbrook to acquire 43 new refrigerated vans, strengthening its delivery capabilities across the UK.
The investment comes at a time when the online supermarket is looking to meet increased customer demand.
The funding package comes after the retailer’s partnership with commercial finance broker, Charles and Dean Finance. Recognising the specific requirements and tight timelines, the firm connected Ocado with Shawbrook’s digital SME team.
Ocado aims to leverage financing solutions like this to free up cash flow, allowing the company to continue investing in “cutting-edge” advancements and initiatives to enhance the customer experience.
Mat Ankers,CFO at Ocado Retail, said: “The teams at Shawbrook and Charles and 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, head of external sales for digital SME at Shawbrook, added: “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.
“We’re proud to be partnering with Ocado and look forward to working further with them in the future.”
