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

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Ovo Energy’s parent company continues to make millions of loans to a flying taxi company owned by founder Stephen Fitzpatrick

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Ovo Energy’s parent company has continued to make millions of loans to a flying taxi company owned by founder Stephen Fitzpatrick, filed with the Companies House show.

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

Tough times: Ovo, Britain's third-largest energy supplier, has accumulated a loss of £300m in the three years to 2020

Tough times: Ovo, Britain’s third largest energy supplier, has accumulated a loss of £300m in the three years to 2020

This followed a £5.6m loan in 2020. Fitzpatrick, the CEO of Ovo, was questioned earlier this year by MPs about his intercompany loans.

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

The directors expressed concern about meeting credit requirements in 2022 due to rising gas prices.

An Imagination spokesperson said Vertical Aerospace is a British company and has no financial ties to Ovo.’