Ovo mulls sale because it seems to be at vary of choices to spice up its funds
Ovo Energy is exploring a potential sale as it looks at a range of options to boost its finances, according to reports.
The UK’s fourth-largest household energy supplier is close to hiring bankers to review the business.
A range of possibilities is set to be considered, Sky News reported, including a refinancing or a partial or full sale of the company.
Looking ahead: Ovo is close to hiring bankers to review the business
Ovo has around four million customers – putting it only behind British Gas, Octopus Energy and E.On Next. In 2019, it agreed to buy SSE’s household energy business.
Ovo was set up in 2009 by entrepreneur Stephen Fitzpatrick, who is still a significant shareholder.
Other investors include Japanese conglomerate Mitsubishi Corporation and Mayfair Equity Partners.
It is not clear if any shareholders are seeking to sell their stake, but this is a possibility.
Ovo declined to comment.
