As per the details acquired by News, Rothschild is set to become a part of OVO Group, which Stephen Fitzpatrick founded, to assist with a strategic assessment of the business.
This weekend, city officials stated that a variety of options would be taken into consideration throughout the process, which is anticipated to take several months.
These are probably going to involve a refinancing (discussions regarding OVO’s current borrowings are already under way), the issuance of new shares to potential investors, or a partial or whole sale by some of the company’s shareholders.
Insiders believe that a complete sale of the company is improbable at this time, although it is anticipated that the possibility will be investigated as part of the strategic review.
Based on market share data supplied by industry regulator Ofgem, OVO, with almost four million subscribers, is behind Centrica—the company that owns British Gas, Octopus Energy, and E.ON Next—in the ranks of the main gas and electricity suppliers in Britain.
In addition to positioning OVO as a challenger brand that offered top-tier players in the market exceptional service, Mr. Fitzpatrick founded the company in 2009.
The turning point for OVO came in 2020 when it acquired SSE’s retail supply division, thereby making it one of the top energy businesses in the UK.
