Charles & Dean support Ocado’s sustainability goals

Ocado Retail Ltd (Ocado), the UK’s fastest growing grocer for seven consecutive months, has once again partnered with commercial finance broker Charles & Dean to secure a multi-million-pound funding facility, designed to support its sustainability goals.

Charles & Dean have played a pivotal role in helping Ocado Retail reach a significant milestone in their carbon footprint journey. Collaborating with specialist funding partner Metro Bank, Charles & Dean provided a tailored financial solution to meet the complexities of Ocado Retail’s funding requirements.

With an ambition to venture towards a carbon neutral way of delivering goods, Ocado Retail utilised this innovative funding to expand its fleet, including 54 new refrigerated vans and 125 fully electric delivery vehicles.

Mat Ankers, Chief Financial Officer at Ocado Retail, commented: “Charles & Dean’s expertise and support have been invaluable in securing the financing from Metro Bank necessary to expand our fleet of EVs and progress towards our sustainability goals.

“We’re looking forward to collaborating further with both Charles & Dean and Metro Bank as we expand our fleet and continue on our growth trajectory.”

“Supporting Ocado in their continued growth and commitment to sustainability has been a privilege,” noted Tom Perkins, Director and Co-founder at Charles & Dean.

“Through our close collaboration with Metro Bank, we were able to develop a flexible credit-line funding facility that aligns with Ocado’s strategic goals and long-term initiatives.

“Through our ongoing partnership with Ocado and deep understanding of their business, we crafted a bespoke solution to meet their evolving needs. This funding not only supports their immediate financial goals but also empowers further investment in their sustainability initiatives, ensuring they are well positioned for future growth.”

Kevin Tonge, Asset Finance Regional Director at Metro Bank, said: “Ocado is a leader in online grocery and this investment it is making in its delivery fleet will ensure it is well positioned for the future.

“Asset finance can be a great solution for any business with transit needs to upgrade their vehicle fleet quickly and smoothly. Providing minimal disruption to the business and more importantly its customers. We look forward to seeing these new vans on the streets, delivering the nation’s groceries.”