Latest news with #JayneAnneGadhia
Yahoo
10-07-2025
- Business
- Yahoo
Former Virgin Money chief Gadhia to chair energy supplier Ovo
A former boss of Virgin Money boss is joining Britain's fourth-biggest home energy supplier as it explores options including a merger with one of its biggest rivals. Sky News has learnt that Dame Jayne-Anne Gadhia, who now holds a string of chairmanships, will become independent chair of Ovo as part of a boardroom shake-up at its parent company. Sources said her appointment would be announced later on Thursday, alongside those of Miguel Gaspar Silva and Andy Cox to the board of Kaluza, Ovo Group's technology arm. Money blog: Top chef reveals thing he hates about customers As part of the overhaul, Justin King, the former J Sainsbury chief, is stepping down as group chairman, insiders said. Dame Jayne-Anne's appointment comes at a crucial time for Ovo, which Sky News revealed this month is in the early stages of merger talks with Scottish Power. It is also separately running a process with potential investors to secure an additional £300m of financial backing. In a statement released to Sky News, Ovo said Dame Jayne-Anne's "understanding of consumer markets and regulatory frameworks will be instrumental in guiding OVO's continued evolution and navigating the dynamic energy landscape". The Kaluza board appointments are designed to help the Ovo-controlled division accelerate its international expansion. Last weekend, Sky News revealed that Kraken Technologies, which is owned by rival Octopus Energy, is being prepared for a demerger, which could value it at about £10bn. Kaluza recently bought Beige Technologies, an Australian energy software specialist, in order to strengthen its presence in the Asia-Pacific region. 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 Mr Fitzpatrick, who launched Ovo in 2009, the company positioned itself as a challenger brand offering superior service to the industry's established transformational moment came in 2020, when it bought the retail supply arm of SSE, 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 group is now run by David Buttress, who was briefly Boris Johnson's cost-of-living tsar after leaving the top job at Just Eat, as its chief to Ovo's longer-term valuation will be the performance of Kaluza, which was set up to license software to other energy suppliers and provides customers with smart electric vehicle charging and heat pumps, as well as intelligent energy solutions to commercial 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.
Sky News
10-07-2025
- Business
- Sky News
Former Virgin Money chief Gadhia to chair energy supplier Ovo
A former boss of Virgin Money boss is joining Britain's fourth-biggest home energy supplier as it explores options including a merger with one of its biggest rivals. Sky News has learnt that Dame Jayne-Anne Gadhia, who now holds a string of chairmanships, will become independent chair of Ovo as part of a boardroom shake-up at its parent company. Sources said her appointment would be announced later on Thursday, alongside those of Miguel Gaspar Silva and Andy Cox to the board of Kaluza, Ovo Group's technology arm. As part of the overhaul, Justin King, the former J Sainsbury chief, is stepping down as group chairman, insiders said. Dame Jayne-Anne's appointment comes at a crucial time for Ovo, which Sky News revealed this month is in the early stages of merger talks with Scottish Power. It is also separately running a process with potential investors to secure an additional £300m of financial backing. In a statement released to Sky News, Ovo said Dame Jayne-Anne's "understanding of consumer markets and regulatory frameworks will be instrumental in guiding OVO's continued evolution and navigating the dynamic energy landscape". The Kaluza board appointments are designed to help the Ovo-controlled division accelerate its international expansion. Last weekend, Sky News revealed that Kraken Technologies, which is owned by rival Octopus Energy, is being prepared for a demerger, which could value it at about £10bn. Kaluza recently bought Beige Technologies, an Australian energy software specialist, in order to strengthen its presence in the Asia-Pacific region. 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 bought the retail supply arm of SSE, transforming it overnight into one of Britain's leading energy companies. Warning a pub a day to close this year 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. The group is now run by David Buttress, who was briefly Boris Johnson's 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 Kaluza, which was set up to license software to other energy suppliers and provides customers with smart electric vehicle charging and heat pumps, as well as intelligent energy solutions to commercial customers. 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.
Times
07-05-2025
- Business
- Times
Financial group chaired by Virgin Money founder rejects US bid
A London-listed financial services group chaired by Dame Jayne-Anne Gadhia has rejected a cash bid from Corpay, a US rival listed in New York. Corpay confirmed last week that it was in discussions with Alpha Group International about a possible cash deal, although it cautioned that there was no certainty it would make a formal bid for the group. The US financial payments company is listed on the S&P 500 and has a stock market valuation of more than $23 billion. In a statement on Tuesday, Alpha said: 'The board of Alpha notes the announcement by Corpay and confirms that it has received a preliminary and conditional all-cash proposal from Corpay to acquire the entire issued and to be issued ordinary share capital of Alpha. 'The board carefully considered the proposal, together with its financial advisers, and unanimously rejected it.' TheLondon-listed company provides financial and consultancy services to hundreds of clients in more than 50 countries. The group helps clients manage and protect themselves from the risks associated with their exposures to foreign currencies, such as volatility in interest rates, and rapid prices changes for international currencies. Gadhia, who is best known for founding Virgin Money, joined the board of Alpha in March 2024, and was formally appointed non-executive chairwoman in November 2024. Alpha and Corpay did not disclose the price discussed for the deal, but the takeover interest boosted the London company's shares, which closed up by 240p or 8.5 per cent to £30.50. Revenues at Alpha were up by 23 per cent to £135.6 million for the year ended December 31, 2024, with profit before tax rising 6 per cent to £123.1 million. The group moved into the FTSE 250 index last year after listing on the junior segment of the London stock exchange in 2017. Page 2
