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Gloucestershire Business News

Gloucestershire entrepreneur at the heart of £500 million energy deal

A businessman from the Cotswolds is at the heart of a major deal which will make him one of the most powerful men in the UK energy market.

No, we are not talking about fellow Gloucestershire resident Dale Vince, who runs the Stroud-based firm Ecotricity, but another founder energy firm founder.

Stephen Fitzpatrick, who founded Ovo in Fairford in 2009 before moving the fast-growing business to Bristol, still lives in the Cotswolds with his family.

And this morning it was revealed the business he still runs, and which is headline sponsor of this week's Tour of Britain cycling race, is to buy the household supply part of SSE for £500 million - £400 million of which will be cash.

It is a move which will see Ovo welcome a further 3.5million customers and 8,000 staff by early 2020 and become the UK's second biggest energy supplier.

Stephen Fitzpatrick, founder and chief executive of Ovo, said: "SSE and OVO are a great fit. They share our values on sustainability and serving customers.

"They've built an excellent team that I'm really looking forward to working with."

Alistair Phillips-Davies, SSE chief executive, said: "I'm confident that this is the best outcome for the SSE Energy Services business."

Both parties will have to wait, however, as the deal still needs the approval of the energy watchdogs.

There is no talk of job losses.

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