Marks and Spencer confirms home delivery service

Marks and Spencer confirms home delivery service

Marks & Spencer has agreed a joint venture with online supermarket pioneer Ocado that would give M&S a full online food delivery service for the first time.

,Under the deal M&S, Britain's best-known stores group, will buy a 50 percent share of Ocado’s UK retail business for up to 750 million pounds.

M&S said it will finance the deal from a rights issue of shares to raise up to 600 million pounds. It will also cut its dividend by 40 percent to "a sustainable level"

Published: by Radio NewsHub
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