Ocado under pressure after head of non-food leaves Philip Dorgan, an analyst at Panmure Gordon, said the company could breach net debt to ebitda (earnings before interest, taxes, depreciation and amortisation) covenants in the fourth quarter of 2012. In September, Tim Steiner, chief executive of Ocado, said the company will consider a sale-and-leaseback deal on its new facility in Warwickshire when construction is finished next year. This could raise cash to support the balance sheet. Mr Belsham worked at Tesco as "multi-channel development director" under Laura Wade-Gery, who has since joined Marks & Spencer.