Former Cost Of Living Tsar Buttress Quits Ovo After 18 Months - Beritaja

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

Beritaja 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 he will beryllium leaving the institution pursuing discussions pinch 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 executive nether laminitis Stephen Fitzpatrick, is said to person been lined up to return arsenic Mr Buttress's successor.

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 financial officer, James Davies, would time off 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 activity overhaul astatine the institution will travel conscionable months aft the erstwhile Virgin Money main Dame Jayne-Anne Gadhia, was named chair of Ovo's unit power arm.

Ovo has about 4 cardinal unit customers, placing it down the likes of Octopus Energy and Centrica-owned British Gas successful the family power proviso market.

Its quest to raise about £300m of caller equity astatine Ovo has been ongoing for months, pinch bankers astatine Rothschild engaging successful talks pinch galore financial investors.

Last month, Beritaja revealed that a Norwegian finance group had abandoned talks about an finance 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 about injecting a important sum into Ovo successful return for a ample liking successful the business.

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

A personification adjacent to the business said that Ovo was not technically successful breach of the superior adequacy authorities because it had agreed a way pinch Ofgem to fulfilling its obligations.

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

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

The institution has separately engaged advisers astatine Arma Partners to research the waste of a liking successful Kaluza, its package arm, echoing a akin move by Octopus Energy's Kraken division.

Founded by Stephen Fitzpatrick, the entrepreneur who now 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 unit proviso limb of SSE, transforming it overnight into 1 of Britain's starring power companies.

Its maturation has not been without difficulties, however, peculiarly successful narration to its challenged narration pinch Ofgem and a torrent of customer complaints about overcharging.