Supermarket to cut 1,000 jobs in cost-saving restructuring scheme

Two-thirds of redundancies are expected in the UK

Job cuts, redundancies and restructurings have been the flavour of the last 12 months, with a number of high-profile, high street chains encountering financial difficulties or choosing to restructure operations.

These have included the likes of Claire's, Poundland and Revolution bars in the UK.

Now, online grocery store Ocado is set to cut around 1,000 jobs (about 5% of its workforce) over the coming year.

Tim Steiner, the boss of the technology and online grocery group, said a "significant number" of roles would no longer be needed as part of a restructuring.

While the online supermarket employs around 20,000 people across the globe, the vast majority are located in the UK.

The majority are situated at its headquarters in Hatfield, Hertfordshire.

The company provides technology to supermarket distribution centres, as well as running an online grocery business with Marks & Spencer.

The company operates in markets including the US, Canada, France, Spain, Sweden, Poland, Australia, Japan, South Korea, and Saudi Arabia.

Ocado said the actions it was taking were expected to cut costs by about £150m. The job cuts are expected to largely in tech and support teams.

Steiner said the changes being made would "reflect the lower structural cost base that we have signalled over recent years".

"Regrettably, this means a significant number of roles will no longer be required.

"We will support those impacted through this process," he added.