It was recently shown that the use of feedback control can improve the performance of a flashing ratchet. We investigate the effect of a time delay in the implementation of feedback control in a closed-loop collective flashing ratchet, using Langevin dynamics simulations. Surprisingly, for a large ensemble, a well-chosen delay time improves the ratchet performance by allowing the system to synchronize into a quasi-periodic stable mode of oscillation that reproduces the optimal average velocity for a periodically flashing ratchet. For a small ensemble, on the other hand, finite delay times significantly reduce the benefit of feedback control for the time-averaged velocity, because the relevance of information decays on a time scale set by the diffusion time of the particles. Based on these results, we establish that experimental use of feedback control is realistic. ; Comment: 6 pages, 6 figures, to appear in Europhysics Letters