Ovo Energy, one of the UK's largest home gas and electricity providers is planning a major job cuts next week.
According to Sky News, Ovo, which provides energy to about four million UK customers, is preparing plans to lay off hundreds of employees as soon as Wednesday to save millions of pounds in operating costs.
The goal of this plan is to improve the company’s financial performance and make it more profitable.
However, the exact number of jobs cuts is not yet known, these redundancies are part of a new business plan that Ovo has submitted to Ofgem.
As per the outlet, the company is expected to stop or reduce taking on new customers while it tries to fix its financial problems.
The layoffs are happening only weeks after Ovo’s chief executive, David Buttress resigned as the company continues searching for investors who can provide a large amount of funding.
Mr Buttress has been replaced by Chris Houghton, a former Ovo boss who worked alongside its founder, Stephen Fitzpatrick.
In addition to this, Dame Jayne-Anne Gadhia, the former chief of Virgin Money has recently been appointed as the chair of Ovo’s retail energy division.
