Latest news with #OvoEnergy
Yahoo
2 days ago
- Business
- Yahoo
Losses balloon at Ovo tycoon's luxury private members club
A luxury private members' club owned by the millionaire founder of Ovo Energy has been hit by ballooning losses since reopening. Stephen Fitzpatrick's Kensington Roof Gardens plunged £26m into the red in the 12 months to December, according to new filings, up from losses of just £6.6m the year prior. The scale of the losses reflects the challenge facing Mr Fitzpatrick in making a success of the exclusive club, which he reopened in July last year. Owned by Sir Richard Branson until 2018, Kensington Roof Gardens has an illustrious history as a west London party venue and was once home to a flock of pink flamingos. To safeguard the company's balance sheet, Mr Fitzpatrick, a Belfast-born City trader, recently secured a £15m loan from a Tel Aviv-based investment fund that is subject to a punishing 17.5pc interest rate. This is expected to see the company through to May 2026. It has already sparked more than £3m in debt interest costs. Total revenues hit £4.3m in 2024, bolstered by charging customers an annual membership fee of £2,500 a year. This falls to £700 for under-32s. As well as securing a £15m loan, Mr Fitzpatrick also extended £29m to Kensington Roof Gardens through his own investment vehicle, Imagination Industries. Similar loans had previously sparked scrutiny because they were made when Imagination Industries was also the owner of Ovo, Britain's fourth biggest energy supplier. This led to Mr Fitzpatrick being hauled before MPs in 2022, as they urged him to 'open the books' after grilling him over £40m worth of intercompany loans. Ovo, which is currently said to be in merger talks with Scottish Power, has since cut ties with its former parent group. However, Mr Fitzpatrick is the ultimate owner of each of these businesses, which form part of his sprawling business empire. He was also formerly the largest shareholder in Bristol-based flying taxi business Vertical Aerospace but lost control late last year as part of an emergency refinancing deal. He also owned the Formula 1 Manor Racing Team before it collapsed in 2017. The roof gardens were built in 1938 and were bought by Sir Richard in 1981. During his tenure, the private club was a celebrity hotspot frequented by the likes of Freddie Mercury, Kate Moss and Madonna. Kensington Roof Gardens was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
2 days ago
- Business
- Telegraph
Losses balloon at Ovo tycoon's luxury private members club
A luxury private members' club owned by the millionaire founder of Ovo Energy has been hit by ballooning losses since reopening. Stephen Fitzpatrick's Kensington Roof Gardens plunged £26m into the red in the 12 months to December, according to new filings, up from losses of just £6.6m the year prior. The scale of the losses reflects the challenge facing Mr Fitzpatrick in making a success of the exclusive club, which he reopened in July last year. Owned by Sir Richard Branson until 2018, Kensington Roof Gardens has an illustrious history as a west London party venue and was once home to a flock of pink flamingos. To safeguard the company's balance sheet, Mr Fitzpatrick, a Belfast-born City trader, recently secured a £15m loan from a Luxembourg-based investment fund that is subject to a punishing 17.5pc interest rate. This is expected to see the company through to May 2026. It has already sparked more than £3m in debt interest costs. Total revenues hit £4.3m in 2024, bolstered by charging customers an annual membership fee of £2,500 a year. This falls to £700 for under-32s. As well as securing a £15m loan, Mr Fitzpatrick also extended £29m to Kensington Roof Gardens through his own investment vehicle, Imagination Industries. Similar loans had previously sparked scrutiny because they were made when Imagination Industries was also the owner of Ovo, Britain's fourth biggest energy supplier. This led to Mr Fitzpatrick being hauled before MPs in 2022, as they urged him to 'open the books' after grilling him over £40m worth of intercompany loans. Ovo, which is currently said to be in merger talks with Scottish Power, has since cut ties with its former parent group. However, Mr Fitzpatrick is the ultimate owner of each of these businesses, which form part of his sprawling business empire. He was also formerly the largest shareholder in Bristol-based flying taxi business Vertical Aerospace but lost control late last year as part of an emergency refinancing deal. He also owned the Formula 1 Manor Racing Team before it collapsed in 2017. The roof gardens were built in 1938 and were bought by Sir Richard in 1981. During his tenure, the private club was a celebrity hotspot frequented by the likes of Freddie Mercury, Kate Moss and Madonna. A spokesman for Kensington Roof Gardens said: 'Over the past two years, there has been significant investment into The Roof Gardens, sparking a revival of the iconic London landmark. 'The figures reflect the major restoration and investment into the project. The transformation has created jobs, reimagined the private members' club experience in the capital, while delivering a positive impact for the local community.'
Press and Journal
01-08-2025
- Entertainment
- Press and Journal
Belladrum 2025: Meet the 6 most stylish festivalgoers
Belladrum's first two days have brought some amazing performances across all 12 stages. The Tartan Heart Festival is welcoming about 24,500 people from all over the Highlands and the UK. Despite the large number of attendees, there are some people who have managed to stand out from the crowd thanks to their unique outfits. The Press and Journal went on a hunt to find six of the most stylish people in the festival. I'm a senior energy innovation manager at Ovo Energy. Cowboy boots with a complimentary cowboy hat, a leather Zara skirt, a Margarita cocktail t-shirt because that's my drink of choice today and a leather jacket. Just wear what you want to wear. Don't blend in, stand out if you can with comfort. I do love charity shops. I do love second hand because it's very unique, you get very unique, you get different things there, and then good old ASOS and Topshop. Administrator. I've got it all from Bella all over several years I've been coming since 2015. I got the poncho in 2022. Very laid back TK Maxx but I don't shop very often. Cafe manager at Wild Gorse Kitchen in Belladrum I bought this kimono at the Highland Hospice stall yesterday, I work at a cafe/art flower studio so I just felt the jeans from Boho fit the floristry vibe. The shirt was from a vintage shop because I love vintage clothes and crocs because they are comfy. I like standing out from the crowd because everybody dresses the same. I wear what I want when it is comfortable. Floral. I like to shop second-hand because you find things you can't find anywhere. I work at a Spar. Tesco top, New Look trousers and shoes, TikTok shop shorts, Pandora and Globo bracelet and prescription Vivienne Westwood sunglasses. Council style. Online. Chemistry teacher The top I got in China, the skirt is from H&M and boots from Hunter. Casual smart. I shop very widely. Mostly online these days. I like going on shopping trips to Glasgow. I also like charity and vintage shops. I work for the Highland Council. Dress is from Asda and boots are from Facebook marketplace. A little bit hippy but colourful. I'm a colourful person. I like to shop in charity shops.
The Sun
13-07-2025
- Business
- The Sun
The best type of fan for cooling down your home revealed
AS the hot weather continues, keeping your home cool can feel like a challenge. But experts agree that oscillating fans are the best option for spreading cooler air effectively. 1 Unlike stationary fans, oscillating fans move from side to side, circulating air across a wider area. Experts at Ovo Energy have long said oscillating fans are the best choice for keeping rooms cool. This is because they circulate air across the entire room, rather than concentrating on one specific area. Meanwhile Katie Lilywhite, air treatment expert at also agrees. She said: "When you're using your fan to cool down your home this summer, it's far better to have it oscillating than running it still. "Oscillating fans help spread air across a larger space, making it easier to cool down the entire room." Whether you're trying to sleep through the heat, work comfortably, or relax at home, an oscillating fan ensures a steady flow of air reaches you wherever you are. This makes them ideal for bedrooms, living rooms, and even home offices. If you're looking for a fan that's affordable, there are plenty of options. Most fans now have an oscillating feature, but it's worth checking before you buy. We've trawled through online retailers to find the best deals on a host of fans - and there are plenty of bargains to be had - and prices start at £1.50. Meanwhile, we've revealed four of the best ways to bag a Dyson fan for less. You can of course, search for dupes, such as Lidl's £70 alternative. But if you have your heart set on the real deal, then it may be worth checking out these offers to avoid paying full price. Plus, read out ultimate guide on keeping cool this summer. JUST because something is on offer, or is part of a sale, it doesn't mean it's always a good deal. There are plenty of comparison websites out there that'll check prices for you - so don't be left paying more than you have to. Most of them work by comparing the prices across hundreds of retailers. Here are some that we recommend: Google Shopping is a tool that lets users search for and compare prices for products across the web. Simply type in keywords, or a product number, to bring up search results. Price Spy logs the history of how much something costs from over 3,000 different retailers, including Argos, Amazon, eBay and the supermarkets. Once you select an individual product you can quickly compare which stores have the best price and which have it in stock. Idealo is another website that lets you compare prices between retailers. All shoppers need to do is search for the item they need and the website will rank them from the cheapest to the most expensive one. CamelCamelCamel only works on goods being sold on Amazon. To use it, type in the URL of the product you want to check the price of. How much energy does a fan use? First you'll need to work out how much electricity your fan uses. You can do this by finding out its "wattage", which will tell you how much power it uses. Then you need to find the total output you will have to turn that wattage into kilowatt hours. You will need to do some maths here. To convert watts into kilowatts, you divide the wattage by 1,000. For example, if your fan uses 70 watts, dividing 70 by 1,000 gives 0.07 kilowatts (kW). Then you'll need to multiply this number by the number of hours you've used the fan. For example, if you use the fan for 12 hours, the calculation is 0.07 kW x 12 hours = 0.84 kWh. Once you've calculated your fan's energy usage in kilowatt-hours (kWh), multiply this by the cost per kWh as stated on your energy bill. Electricity prices vary across the UK, so check your energy bill for the exact price per kWh. According to the July 2025 Ofgem price cap, the maximum rate for those on the standard variable tariff is 25.73p per kWh. Based on the example above, you'd take 0.84kW and multiply it by 25.73p - equalling 21.61p. The equation is: cost = power (kilowatt) × time (hour) × cost of 1 kWh (pence). So if your fan costs 21.61p to have on for 12 hours and you have it on for a full week, that adds up to £1.51. If you repeated that across a month of 4.5 weeks, the cost would be £6.81. Of course, costs will vary depending on what type of fan you have, how long you're using it, what setting it's on and how much you pay for your energy. How to calculate your appliance costs HERE'S how to work out how much your appliances are costing you: Find the wattage: Look for a sticker on your appliance. It will tell you the wattage (W). If it's in kilowatts (kW), remember 1kW = 1000W. Convert to kilowatts: Divide the wattage by 1000 to get kilowatts (kW). For example, a 500W appliance is 0.5kW. Figure out usage: How many hours a day do you use the appliance? Calculate daily kWh: Multiply the kilowatts (kW) by the hours of use. For example, a 0.5 kW appliance used for 4 hours a day would use 2kWh (0.5 x 4 = 2). Factor in electricity cost: Ofgem's current electricity price cap is around 25.73p per kWh (this can vary slightly depending on your supplier and region so it is always worth double checking). Multiply your daily kWh by this price to get the daily cost. Monthly cost: Multiply the daily cost by the number of days in the month.
Yahoo
28-06-2025
- Business
- Yahoo
Spanish-owned Scottish Power sparks merger talks with Ovo Energy
Scottish Power, the Spanish-owned energy supplier, and larger rival Ovo Energy have begun holding exploratory talks about a merger that would create a company serving more than 6 million British households. Sky News has learnt that executives from Iberdrola, which owns Scottish Power, and Ovo have been engaged in preliminary discussions in recent weeks about the possibility of a deal. The talks are at an early stage and any formal transaction would be months away, if it materialised at all. If the two companies do agree a merger of their residential gas and electricity operations, it would create the third-largest supplier behind Centrica-owned and Octopus Energy. As the larger company, with 4 million customers, Ovo would probably be the acquiring entity, but with Iberdrola potentially contributing cash and remaining as a shareholder in the enlarged group, according to one banking source. Scottish Power serves about 2.4 million households. The discussions between the two companies are running in parallel to a separate process through which Ovo is exploring the potential to raise roughly £300m from the sale of new shares in the company, according to industry sources. In recent weeks, a number of financial investors have been contacted by Rothschild, the investment bank advising Ovo, about the opportunity. Exactly a year ago, Sky News revealed that to explore options, including bringing in a new investor or a sale, 15 years after it launched in a bid to challenge the industry's oligopoly. Founded by Stephen Fitzpatrick, the entrepreneur who now owns London's Kensington Roof Gardens, Ovo's shareholders include the private equity firm Mayfair Equity Partners, Morgan Stanley Investment Management and Mitsubishi Corporation, the Japanese conglomerate. Under Mr Fitzpatrick, who launched Ovo in 2009, the company positioned itself as a challenger brand offering superior service to the industry's established players. Ovo's transformational moment came in 2020, when it , transforming it overnight into one of Britain's leading energy companies. Read more from Sky News: Its growth has not been without difficulties, however, particularly in relation to its challenged relationship with Ofgem and a torrent of customer complaints about overcharging. Justin King, the former chief who now chairs Ovo, has made repairing its regulatory relationships a priority for the company. He also oversaw the recruitment of David Buttress, who was briefly cost-of-living tsar after leaving the top job at Just Eat, as its chief executive. Key to Ovo's longer-term valuation will be the performance of its technology platform, Kaluza, which was set up to license software to other energy suppliers and provides customers with smart electric vehicle charging and heat pumps. Ovo announced last year that AGL Energy, one of Australia's biggest energy suppliers, had bought a 20% stake in Kaluza at a $500m (£395m) valuation. The British energy company has also entered the electric vehicle car charging sector under the brand Charge Anywhere, adding tens of thousands of public charging points across the UK. Iberdrola bought Scottish Power in 2007 in a deal valuing the company at more than £11bn. Next week, the UK's by 7% to £1,720 a year, following an announcement by Ofgem, the industry regulator. Ovo and Scottish Power both declined to comment.
