Utility supplier Spark Energy has been bought by Bristol-based renewable energy firm OVO Group just days after Spark announce it was in difficulties, blaming ‘increasingly tough trading conditions’.
Spark Energy is the only specialist utility company supplying the rental market and has been in business since 2007, accumulating 290,000 customers and a turnover of £140 million.
“We will service our customers, under OVO’s licence, from our existing offices, and continue to grow our niche model of partnering with leading letting and estate agent companies,” says Spark’s CEO Chris Gauld.
Based in Selkirk, Scotland, it employs 300 staff and has a significant number of letting agents and landlords including high-profile players including Countrywide.
Gauld also said it is ‘business as usual’ and that its acquisition by OVO Group will ‘significantly benefit the rental sector’. He also says Spark’s customers will see no disruption of its service, which offers property portfolio managers and landlords easier and more cost-effective management of their property’s utility bills as tenants move in and out, including during voids.
The deal also brings a first for the rental sector from OVO Group; a 100% renewable energy tariff. Alongside its gas and electricity arm, Spark also supplies broadband, telephony and bespoke Sky TV packages, tailored to the requirements of people in rented accommodation.
Earlier this year the company launched its digital home-move assistant, Tili, enabling home movers to set-up their essential utilities in just ten taps and three minutes while offering new income streams for the property industry.