Ovo Energy buys brand from founder as capital-raise looms
Ovo Energy buys brand from founder as capital-raise looms
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Ovo Energy, Britain's fourth-biggest household energy supplier, has struck a £150m deal to acquire its brand from the company's founder as part of a reorganisation expected to culminate in a capital raise or sale. Sky News understands that Ovo has agreed a non-cash transaction with Stephen Fitzpatrick to take control of its brand through the issuance of preference shares to the Irish entrepreneur.
The deal, disclosed in filings at Companies House, is part of a broader corporate revamp which also sees Mr Fitzpatrick relinquish his role on Ovo's holding company board. Money blog: The 'magic window' when booking flights is cheaper. Sources said the reorganisation would simplify Ovo's corporate structure, part of which was the legacy of its takeover in 2020 of SSE's energy retail business.
That deal catapulted Ovo up the ranks of Britain's energy suppliers, and it now has about 4m customers, with Octopus Energy leading the industry ahead of Centrica's British Gas arm. Follow our channel and never miss an update. Ovo has now repaid the final tranche of term debt associated with the SSE transaction.
The wonder material which could hold the key to near-limitless energy. UK bills could rise - as Europe's gas consumption falls by 'unprecedented' amount. Trump 'ill-informed' to attack 'success story' of UK wind industry. The deal to take full ownership of its brand means Ovo will no longer make an annual multimillion pound brand licensing payment to an entity controlled by Mr Fitzpatrick.
