Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / SSE sells retail business to OVO Energy

SSE sells retail business to OVO Energy

Sun, 15 Dec 2019 | DIVISION SALE



Power utility SSE has announced it has completed the sale of its retail arm SSE Energy Services to OVO Energy for £500 million.

SSE will use the proceeds of £400 million cash plus a £100 million loan note to trim its debt. The loan note, to be issued by an OVO member, will be due in 2029 and has a 13.25 per cent annual interest rate.

All of Perth, Scotland-based SSE Energy Services’ 8,000 staff will transfer to OVO in the deal, which will also see OVO operate the SSE brand under license for a period to ensure a steady transition.

The deal, announced last September, follows SSE’s original plan to merge the business with Npower. That deal was abandoned in December 2018, despite regulatory approval, after the government introduced the energy price cap.

Following the deal’s completion, SSE is free to concentrate its business on renewable energy and electricity networks, while OVO further consolidates its position as a major presence in the energy industry.

Commenting on the sale, SSE Chief Executive Alistair Phillips-Davies said: “The sale is in line with our clear strategy, centred on developing, operating and owning renewable energy and electricity network assets, along with growing businesses complementary to this core.”

“SSE enters the new decade as a more focused group, even better positioned to lead the low carbon transformation required to achieve the UK's vital net zero commitment in the years to come.”


Share this article



Latest Businesses for Sale

Provider of Traffic Management Services
UK Wide

Provides a comprehensive traffic management service covering project management, surveys, planning, design, local authority liaison and the installation/removal of temporary traffic management systems. Carries out work in all areas, including multi-p...

Asking Price: Offers Invited
Turnover: £763,000

LEASEHOLD


UPVC Windows & Doors Company
North West, UK

The owner has been trading since 2007 and based in leigh lancashire specialising in design, supply, and fitting of UPVC doors and windows for conservatories, orangeries, porches, canopies, fascias and soffits and supalite tiled roof systems. This wel...

Asking Price: Offers Invited
Turnover: £302,000

RELOCATABLE


Specialist In 24-hour Roadside Recovery
Northern Ireland, UK

Specialises in the provision of 24-hour roadside recovery and assistance solutions for all types of vehicle. The company holds PAS 43 certification, enabling it to provide services for police, ambulance and council vehicles, and works with all major...

Asking Price: Offers Invited
Turnover: £516,000

RELOCATABLE



View more businesses for sale

News Search

Latest News

 
16
 
May
 

Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE

Manx Financial Group Plc has announced the acquisition of Pa...

 
13
 
May
 

Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION

The US House Group modular housing joint venture has fallen ...

 
12
 
May
 

Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE

Bathroom and kitchen products firm Norcros has agreed a deal...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
07
 
Jan
 

Aston Lark Acquires Corporate Healthcare Specialist | BUSINESS SALE

Insurance broker Aston Lark has acquired Leicestershire-base...

 
08
 
Dec
 

OneCom completes fourth deal of 2021 with Russell Telecom takeover | BUSINESS SALE

Private equity-backed business and cloud communications firm...

 
20
 
Oct
 

Acquisitive Marlowe Plc swoops for e-learning software firm in £25m deal | BUSINESS SALE

Marlowe Plc has announced that it has entered into an agreem...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2022. Business Sale Report Ltd. All rights reserved. www.business-sale.com.