Fresh news about Waitrose, Mark Price, Ocado, OKA, Starbucks, Viscountess Astor

The managing director of Waitrose, Mark Price, has moved to cool the war of words with Ocado by stating that the grocer wants to continue its contract with the online retailer.

Last month Mr Price voiced his concerns about Ocado’sa tie up with Morrisons and warned that Waitrose’s legal team planned to study the contract. Ocado hit back, saying that Waitrose was uncomfortable with the fact Ocado was now a “grown-up” business. The exchanges sparked speculation that Waitrose could look to end its contract with Ocado, which runs to 2020, but has a break clause in 2017, and allows Ocado to sell Waitrose products.

OKA, the designer furniture retailer run by the Prime Minister’s mother-in-law, Viscountess Astor, has battled tough economic conditions to report a rise in profits.

The company’s pre-tax profits jumped from £233,000 in 2011 to £1.46m in the 13 months to the end of January this year. This came in spite of an 8pc drop in showroom sales following planned closures. Growth in OKA’s online and trade businesses made up for the shortfall. Lady Astor, who owns nearly a fifth of OKA, said she was “greatly encouraged” by the results and was “cautiously optimistic” about the outlook. The company plans to expand by opening OKA concessions in department stores around the world.

Starbucks has made its first corporation tax payment to HMRC since 2008, paying £5m for the first six months of the year despite the business making a loss of £30m in the UK.

The coffee shop chain will reveal the amounts in its annual report, which is set to be published as early as this week, saying that it has started the process of paying the £20m over two years it promised in 2012. The figures will reveal that the business is still making an annual loss of £30.4m – a 7.5pc reduction in losses from the year before when they stood at £32.9m.