British online supermarket Ocado saw its shares rise almost 7%, after a report revealed that the company might be on the verge of signing a deal with supermarket giant Marks and Spencer to deliver its food and drink.
The exact total of the share price rise was 6.7%, and any deal would see M&S use its distribution centres and delivery vans to ship out Ocado’s products. M&S’s shares rose 2% following the news.
M&S have reportedly been looking at ways in which they can catch up rivals such as Sainsbury’s and Waitrose, with deals like this more likely in the future. Ocado’s current deal with Waitrose is set to expire in September 2020.
Both companies have declined to comment, and have yet to release a statement regarding any such deal.
M&S only recently started home delivery services in 2017, with North London their initial test area. The company itself has a click and collect service, but has never had an extensive delivery service like many of the major supermarket retailers.
More to follow.