Ocado Group is drawing up restructuring plans that could see the retail technology firm put up to 1,000 jobs at risk.

The Sunday Times has reported the job cuts come as the FTSE 250 grocery company looks to renew its focus on cutting costs, scaling back its global workforce by around 5%.

According to the report, no final decisions have been made and Ocado is set to consult with its staff over any cuts.

A spokesman for Ocado declined to comment on the report, but told the PA: “We regularly review our operations to ensure we’re set up for long-term success.

"If and when decisions are made that affect our people, we are committed to communicating with them directly and ensuring they are supported throughout."

The report comes as shares in Ocado have dropped by over 30% in the past year, after the company announced the closure of a number of customer fulfilment centres in the US and Canada.

Following the latest report, Ocado shares fell by over 3% in today's trading.

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