Ocado is set to announce the appointment of a new finance director as speculation mounts that the online retailer is gearing up to float on the stock exchange.
Investment banker Andrew Bracey is in line to take up the position held by Ocado co-founder Jason Gissing (pictured) for the last decade, according to the Financial Times.
Gissing, who once said he would rather shoot himself than be finance director of a listed company, is expected to concentrate on other aspects of the business.
“I have done this for 10 years and raised £350m – it’s time for someone else to have a go,” he told the FT.
The move has been interpreted as a prelude to a possible IPO for the online retailer next year that could value Ocado at between £500m and £600m.
Bracey, who will make a substantial investment to buy a stake in Ocado, joins from Jefferies International. He was managing director of principal investments at Barclays Capital when the firm invested in the £1.8bn acquisition of Somerfield four years ago. He also sat on the Somerfield board.