When Ocado went public with great fanfare two years ago on July 21, the online retailer founded by three former Goldman Sachs bankers attracted its fair share of critics, who felt the listing price of 180p was overpriced. This was not helped by the fact that it closed down on the first day of trading at 167p.

But Tim Steiner, the chief executive, remained bullish. Days after the listing, he confidently dismissed the initial share price decline and said: "I am not overly surprised a couple of hedge funds wanted to have a pop at the open. We will see where it is trading in 24 months time."