Business
Ovo Energy Boss Proposes Plan To Stave Off Household Bill Crisis
September 1, 2022
January 28, 2025
By Evans Momodu
1 minute read
Ovo Energy, the UK's fourth-largest household energy provider, has finalised a £150m deal to acquire its brand from founder Stephen Fitzpatrick as part of a corporate restructuring aimed at facilitating a future capital raise or potential sale.
In a non-cash agreement, the company has issued preference shares to Mr. Fitzpatrick, granting Ovo full control of its brand.
The transaction, detailed in Companies House filings, also sees Mr. Fitzpatrick stepping down from the board of Ovo's holding company.
The restructuring simplifies Ovo's corporate framework, addressing complexities stemming from its 2020 acquisition of SSE's energy retail division.
That takeover propelled Ovo to its current position, serving approximately 4 million customers, ranking behind Octopus Energy and Centrica's British Gas.
This move signals a significant step as Ovo positions itself for strategic financial opportunities.
Source: Sky news
