Ovo Vitality, Britain’s fourth-biggest family power provider, has struck a £150m deal to accumulate its model from the corporate’s founder as a part of a reorganisation anticipated to culminate in a capital increase or sale.
The deal, disclosed in filings at Firms Home, is a part of a broader company revamp which additionally sees Mr Fitzpatrick relinquish his function on Ovo’s holding firm board.
Cash weblog: The ‘magic window’ when reserving flights is cheaper
Sources mentioned the reorganisation would simplify Ovo’s company construction, a part of which was the legacy of its takeover in 2020 of SSE’s power retail enterprise.
That deal catapulted Ovo up the ranks of Britain’s power suppliers, and it now has about 4m prospects, with Octopus Vitality main the business forward of Centrica’s British Fuel arm.
Ovo has now repaid the ultimate tranche of time period debt related to the SSE transaction.
The deal to take full possession of its model means Ovo will not make an annual multimillion pound model licensing fee to an entity managed by Mr Fitzpatrick.
Insiders mentioned the corporate, chaired by former J Sainsbury chief Justin King and run by ex-Simply Eat boss David Buttress, was additionally rejigging the possession of Kaluza, its expertise platform, throughout the Ovo Group construction.
“Ovo stands ready to accelerate its decarbonisation mission at scale.”
