OVO’s break-up has accelerated after Hometree agreed a deal to acquire the supplier’s Home Services division, after E.ON announced it was buying the retail energy business.
The deal includes the CORGI HomePlan and HomeHeat businesses and will create what the companies claim is the UK’s third-largest home emergency cover provider.
Backed by investment firm Pollen Street, the enlarged business is expected to serve almost 500,000 customers employ 550 staff and operate a network of more than 5,000 engineers across the UK.
The transaction further reshapes the UK energy and home services market as suppliers increasingly push into electrification smart home technology and subscription-based energy services.
Hometree said it plans to expand aggressively into residential electrification including solar batteries and heat pumps while investing heavily in AI and digital services.
Chief Executive Simon Phelan said the acquisition was “transformational”.
“Bringing OVO Home Services and CORGI HomePlan into the group immediately increases our scale and strengthens our position as the leading challenger in the UK home services market,” he said.
OVO Home Services Managing Director Jason Howie said the move would create “a formidable challenger in the UK home services market”.
The businesses will continue using the CORGI HomePlan, CORGI HomeHeat and OVO Home Services brands following completion.
The deal is expected to complete in summer 2026 subject to regulatory approval.
It comes alongside E.ON’s planned acquisition of OVO’s core energy supply business which will create a retail giant with almost 10 million customer accounts in the UK..
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