Analysts fear that Ocado could breach the covenants of its debt arrangements as it struggles with the cost of building a second warehouse.

The £200m it has ploughed into its new distribution centre in Dordon, Warwickshire could force a breach in its debt terms, according to analysts at Barclays.

“We think Ocado will be close to the limits of its covenants and would not be surprised if they are exceeded,” Barclays analysts said in a note.

Sources close to Ocado told The Sunday Times that it could easily raise cash through a sale and leaseback of the new facility when it opens next year. The retailer said that its banks remained supportive and it is “satisfied” its existing facilities “provide sufficient funding for the foreseeable future.”