The acquisition of popular rental sector utility provider Spark Energy will “significantly benefit the rental sector” according to the troubled company’s chief executive.
Spark collapsed on Friday, announcing that KPMG was to become its administrator; the firm’s business model included referral fees to letting agents who introduced tenants who went on to sign up to the firm.
Now Spark has been acquired by Ovo Energy, subject to approval by the energy sector regulator Ofgem.
Spark CEO Chris Gauld says it’s now business as usual for the company.
“This is great news which will significantly benefit the rental sector. Spark is now part of the UK’s largest independent energy supplier and a very successful group of companies. 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.
“I’m delighted that we can continue to evolve as part of the OVO family with a renewed confidence in the future despite the challenges the energy sector is facing.”
The company says there will be new opportunities for Spark customers now that it is part of OVO Group, such as the offer of a 100 per cent renewable energy tariff, a range of additional home services and new digital innovations “which will greatly support the rental sector.”
Alongside its gas and electricity arm, Spark also supplies broadband, telephone 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 service.