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 domestic energy supplier is about to hire bankers to review the business.
Various options will be considered, Sky News reported, including a refinancing or a partial or full sale of the company.
Looking ahead: Ovo close to hiring bankers to overhaul business
Ovo has around four million customers, putting it behind only British Gas, Octopus Energy and E.On Next. In 2019, it agreed to buy SSE’s home energy business.
Ovo was founded in 2009 by entrepreneur Stephen Fitzpatrick, who remains a major shareholder.
Other investors include Japanese conglomerate Mitsubishi Corporation and Mayfair Equity Partners.
It is unclear if any shareholders are looking to sell their stake, but this is a possibility.
Ovo declined to comment.
