Former cost of living tsar Buttress quits Ovo after 18 months

The main enforcement of Ovo Energy, 1 of Britain's biggest vigor suppliers, is to measurement down successful the mediate of a hunt for investors to pump hundreds of millions of pounds into the company.

Sky News has learnt that David Buttress, the erstwhile Just Eat main who served a little play arsenic Boris Johnson's cost-of-living tsar, has told colleagues that helium volition beryllium leaving the institution pursuing discussions with its board.

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Mr Buttress joined Ovo successful May 2024, 2 months aft his assignment was announced.

Chris Houghton, a erstwhile Ovo main enforcement nether laminitis Stephen Fitzpatrick, is said to person been lined up to instrumentality arsenic Mr Buttress's successor from Wednesday.

Mr Houghton is said to person expressed assurance successful Ovo's prospects earlier agreeing to return.

On Tuesday evening, however, sources said it had besides been agreed that the company's main fiscal officer, James Davies, would permission the company.

Mr Davies is expected to beryllium replaced by Simon Todd, his lawman and a long-standing Ovo executive.

Ovo has been contacted for comment.

The latest enactment overhaul astatine the institution volition travel conscionable months aft the erstwhile Virgin Money main Dame Jayne-Anne Gadhia, was named seat of Ovo's retail vigor arm.

Ovo has astir 4 cardinal retail customers, placing it down the likes of Octopus Energy and Centrica-owned British Gas successful the household vigor proviso market.

Its quest to rise astir £300m of caller equity astatine Ovo has been ongoing for months, with bankers astatine Rothschild engaging successful talks with galore fiscal investors.

Last month, Sky News revealed that a Norwegian concern radical had abandoned talks astir an concern amid interest that the industry's regulatory authorities is obstructing efforts to pull caller capital.

Verdane, which is based successful Oslo, had been successful elaborate talks arsenic precocious arsenic this period astir injecting a important sum into Ovo successful instrumentality for a ample involvement successful the business.

Investor uncertainty has been heightened by the vigor regulator Ofgem's superior adequacy rules, with Ovo acknowledging precocious that it - alongside larger rival Octopus Energy - had yet to afloat comply with the regime, saying: "We person taken proactive measures to align with Ofgem's caller superior rules, moving constructively to conscionable the requirements."

A idiosyncratic adjacent to the concern said that Ovo was not technically successful breach of the superior adequacy authorities due to the fact that it had agreed a way with Ofgem to fulfilling its obligations.

In June, Sky News revealed that Iberdrola, the proprietor of Scottish Power, had besides held tentative discussions astir a imaginable tie-up.

Ovo, which is backed by investors including Japan's Mitsubishi and the London-based capitalist Mayfair Equity Partners, disclosed successful accounts published precocious that determination was "material uncertainty" implicit its future.

The institution has separately engaged advisers astatine Arma Partners to research the merchantability of a involvement successful Kaluza, its bundle arm, echoing a akin determination by Octopus Energy's Kraken division.

Founded by Stephen Fitzpatrick, the entrepreneur who present owns London's Kensington Roof Gardens, Ovo's different shareholders see Morgan Stanley Investment Management.

Under Mr Fitzpatrick, who launched Ovo successful 2009, the institution positioned itself arsenic a challenger marque offering superior work to the industry's established players.

Ovo's transformational infinitesimal came successful 2020, erstwhile it bought the retail proviso limb of SSE, transforming it overnight into 1 of Britain's starring vigor companies.

Its maturation has not been without difficulties, however, peculiarly successful narration to its challenged narration with Ofgem and a torrent of lawsuit complaints astir overcharging.