The analyst who was one of the most outspoken critics of Ocado’s IPO plans has lost his job.

Philip Dorgan was made redundant this morning by employer Ambrian Partners.

Ambrian - which is not involved with the Ocado IPO - is understood to be concentrating on its core natural resources business and pulling out of retail coverage, and stressed Dorgan’s departure was absolutely unconnected to his criticism of the online grocer’s plans.

Dorgan had become a thorn in the side of Ocado, with a note this week saying it was worth no more than half the £1.2bn valuation which it has put on itself, and for coming up with the now-famous phrase that Ocado “begins with an O, ends with an O and is worth zero.”