Ovo Energy, fourth energy supplier from British households, has entered into an agreement of 150 million pounds sterling to acquire its brand from the founder of the company as part of a reorganization which should lead to an increase or a sale of capital .
Sky News understands that OVO has accepted a non -monetary transaction with Stephen Fitzpatrick to take control of his brand thanks to the program program preferably to the Irish entrepreneur.
The agreement, disclosed in the presentation documents at Companies House, is part of a broader business overhaul which also sees Mr. Fitzpatrick renouncing his role within the OVO portfolio company.
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Sources have declared that reorganization would simplify the structure of OVO companies, part of which was the inheritance of its takeover in 2020 of the SSE energy retail activity.
This agreement catappered Ovo in the ranks of British energy suppliers, and it now has around 4 million customers, with Octopus Energy leading the industry in front of the British gas arm of Centrica.
Ovo has now reimbursed the final debt branch associated with the SSE transaction.
The agreement to fully appropriate its brand means that OVO will no longer make an annual brand license payment of several million pounds to an entity controlled by Mr. Fitzpatrick.
The initiates said that the company, chaired by former head of J Sainsbury, Justin King, and led by the former EAT boss, David Bulter, also re-evident Kaluza’s property, his technological platform , in the structure of the OVO group.
A capital increase or a sale of OVO is on short and medium term cards, with Sky News having reported last year that Rothschild was hired to supervise a strategic examination.
In a statement published Tuesday in response to Sky News, an OVO spokesperson said: “Under the direction of CEO David Bustress, Ovo has a simplified structure, an exceptional team, a solid financial base and a clear mission of Delivered for customers.
“Ovo is ready to accelerate its large -scale decarbonization mission.”