Ovo Energy buys out founder Stephen Fitzpatrick - report

(Sharecast News) - Ovo Energy is reported to have taken control of the brand from its founder in a move to simplify its corporate structure. According to Sky News on Tuesday, Ovo has struck a £150m deal to buy the brand from Irish entrepreneur Stephen Fitzpatrick through the issuance of preference shares.

The deal will see Fitzpatrick, who founded Ovo in 2009, step aside from his role on the board of the energy supplier's holding company.

Buying the brand means that Ovo will no longer have to pay an entity controlled Fitzpatrick a "multimillion pound brand licensing payment" each year, according to Sky News.

The news outlet said a capital raising or a potential sale of Ovo has been on the cards after Rothschild was appointed to oversee a strategic review in 2024.