OVO Who owns them and are they financially sound?

1echidna

Thinking of switching to OVO for what appears to be a good cheap green deal. Just as a matter of interest I tried to find some information on the Internet about who financed their start up and their owners but drew a blank. Anybody have any information on this?

Ypaymore

http://www.startups.co.uk/6678842909517738125/stephen-fitzpatrick.html

1echidna

Thanks Ypaymore, a little more background info to that which I had already found. The implication seems to be maybe that Stephen Fitzpatrick was able to finance the OVO out of his own resources? Would be nice to know if he had any financial backers and who they were? It is presumably a private company so no right to know?

Cardew

What is your concern re-OVO?

It is not as if you are paying them £thousands up-front and they are likely to flit with your money!!!!!

Historically many firms like OVO have been bought out by one of the 'Big 6' - Sainsburys, Virgin, London Electricity etc etc.

It seems to be a fact of life that firms like OVO only survive because the big producers/generators of gas/electricity have contracted to supply OVO on short/medium contracts. Can you imagine Centrica etc allowing OVO to grab a huge share of the market at the expence of BG?

I would be really surprised if OVO exist as an independant company in a few years. That said I don't see it as a risk to customers.

1echidna

Cardew wrote: »

What is your concern re-OVO?

It is not as if you are paying them £thousands up-front and they are likely to flit with your money!!!!!

Historically many firms like OVO have been bought out by one of the 'Big 6' - Sainsburys, Virgin, London Electricity etc etc.

It seems to be a fact of life that firms like OVO only survive because the big producers/generators of gas/electricity have contracted to supply OVO on short/medium contracts. Can you imagine Centrica etc allowing OVO to grab a huge share of the market at the expence of BG?

I would be really surprised if OVO exist as an independant company in a few years. That said I don't see it as a risk to customers.

Just a bit of curiosity. Desire to know whether it is British as implied and not in fact owned by foreign interests? Just wondered if the money I paid them for gas/ electricity could conceivably disappear in a financial collapse and someone else would have rights to charge again for the same gas /electricity?

Cardew

1echidna wrote: »

Just a bit of curiosity. Desire to know whether it is British as implied and not in fact owned by foreign interests? Just wondered if the money I paid them for gas/ electricity could conceivably disappear in a financial collapse and someone else would have rights to charge again for the same gas /electricity?

The firm have to have a licence, so the customer is protected.