Ovo Energy's parent company funnels millions in loans to flying taxi firm


Ovo Energy’s parent company continues to funnel millions in loans to flying taxi firm owned by founder Stephen Fitzpatrick

Ovo Energy’s parent company has continued to funnel millions in loans to a flying taxi firm owned by founder Stephen Fitzpatrick, filings at Companies House show. 

Vertical Aerospace, based in the Cayman Islands but listed in the US, received nearly £3million from Imagination Industries – Fitzpatrick’s investment vehicle – in the year to December 2021. 

Hard times: Ovo, Britain's third largest energy supplier, built up losses of £300million in the three years to 2020

Hard times: Ovo, Britain’s third largest energy supplier, built up losses of £300million in the three years to 2020

This followed a £5.6million loan in 2020. Fitzpatrick, Ovo’s chief executive, was questioned by MPs earlier this year about his intercompany loans. 

Last month, The Mail on Sunday revealed that Ovo, Britain’s third largest energy supplier, built up losses of £300million in the three years to 2020.

Its directors raised concerns about meeting its lending requirements in 2022 due to rising gas prices. 

An Imagination spokesman said Vertical Aerospace is a UK company and has no financial ties with Ovo.’ 

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