Challenger energy company Ovo has snapped up the UK's third-largest home services provider in a move which puts it closer to competing with the ‘Big Six’ gas and electricity suppliers.
The deal with home maintenance provider Corgi HomePlan is likely to be officially announced today, according to Sky News. It is thought the amount paid for the acquisition will not be disclosed.
Ovo, which was founded in 2009, has built up a customer base of 700,000 and last year reported a profit of £30.4m.
Corgi provides maintenance insurance to 150,000 households
Founder Stephen Fitzpatrick welcomed the Conservative Party’s pledge to cap Conservatives pledge to cap energy prices earlier this week.
He said: “Eighteen years of light-touch regulation has not delivered an energy market that works for most customers.”