Britain’s fourth-biggest household energy supplier has poached a senior executive from Monzo, the digital bank, as it explores options that could lead to a change of ownership.
Sky News understands that OVO has recruited James Davies, who has worked for companies including William Hill and Purplebricks, the online estate agent, to become its new chief financial officer.
Mr Davies’s appointment was announced to OVO staff on Thursday, according to an insider.
It marks the latest phase of a leadership shake-up at the company, which has seen former J Sainsbury boss Justin King take over as chairman and former Just Eat chief executive David Buttress become its CEO.
Vincent Casey, Mr Davies’s predecessor, will become an advisor to OVO Group’s board.
OVO and some of its shareholders kicked off a strategic review in the summer to consider options for the company.
It has about four million household customers, positioning it behind the likes of British Gas owner Centrica and Octopus Energy.
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In recent months it has diversified its offer to customers by launching an electric vehicle product called Charge Anytime and the acquisition of an on-street vehicle charging business called BonnetA.
OVO was launched by Stephen Fitzpatrick 15 years ago in a bid to challenge the industry’s dominant players, and has attracted investment from blue-chip backers such as Japan’s Mitsubishi.
Key to OVO’s valuation will be the growth of its technology platform, Kaluza, which was set up to license its software to other energy suppliers, and provides customers with smart electric vehicle charging and heat pumps.
OVO announced this year that AGL Energy, one of Australia’s biggest energy suppliers, had bought a 20% stake in Kaluza at a $500m valuation.
The company declined to comment.
