Business

Ovo to cut quarter of workforce amid energy crisis

Ovo is anticipated to cut a quarter of its workforce as half of cost-saving measures to address the energy crisis.

Ovo Energy will slash 1,700 out of 6,200 roles, Sky News reported, in addition to closing  its websites to give attention to three places in London, Bristol and Glasgow. It will even open a brand new academy within the Scottish metropolis.

The new technique includes a dedication to hike minimal pay to £12 per hour and shifting all customer-facing jobs to the UK.

Domestic suppliers have been squeezed by the Government’s worth cap whereas world wholesale energy prices have soared. About 26 have gone bust over the previous 5 months together with Bulb, the seventh-biggest provider with 1.7m prospects.

They all stopped buying and selling aside from Bulb, which was bailed out with £1.7bn of taxpayer money.

Ovo had thought-about a takeover of Bulb earlier than its collapse and remains to be anticipated to bid to tackle its prospects.

The Bristol-based provider was established in 2009 and acquired SSE Energy Services from FTSE 100 large SSE in 2020, rising its buyer base to the present 4.5m.

It is now the UK’s third-largest fuel and electrical energy provider, behind Centrica’s British Gas and E.ON Next.

The information comes days after SSE Energy Services was ridiculed for suggesting households do a “few star jumps” and “have a cuddle with pets or loved one” to preserve prices down.

Ovo’s founder and chief govt Stephen Fitzpatrick apologised and blamed the gaffe on an worker having “a bad day”.

The company declined to touch upon the restructuring programme.

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