Ocado, the online grocery business in partnership with Waitrose, has announced it has acquired a £20m loan from Lloyds TSB Corporate.

The company reported a sales increase of 240% for the last financial year, and it plans to use the funding to, “provide a long-term platform to further develop the business,” according to Jason Gissing, chief financial officer for Ocado.

The Partnership’s connection with Ocado started in 2000 and it currently owns, or has rights to, 43% of Ocado’s shares.