Ovo is set to become the UK’s second largest energy provider after it agreed to buy SSE’s retail business for £500million. SSE (SSE) is currently the third largest energy provider, supplying around 3.5million households across the UK. Ovo entered the market as a relative minnow, but has already grown to become the UK’s largest independent supplier, providing energy to 1.5million customers. After taking on SSE’s customers, it will have a customer base of around 5million people, making it second only to British Gas. The transaction is expected to be completed in late 2019 or early 2020 with SSE saying it will do everything to make sure it is a ‘smooth transaction’ for existing customers.
Wetherspoon (J.D.) (JDW) said it had continued to perform well since the year end, with comparable sales up 5.9% in the six weeks to September 8. Wetherspoons chairman, Tim Martin claimed a no-deal Brexit could provide a massive boost to the pub industry as people go out to celebrate. He said: ‘I think sales will jump dramatically in our pubs if we leave the EU – even if we leave the EU without a deal on October 31. ‘People will be so pleased that we’ve left and I think even people who don’t want to leave will think “thank god we’ve left and can talk about something else”.’ Martin said: ‘Despite continuing political problems … Wetherspoon continues to perform well. Like-for-like sales for the six weeks to 8 September 2019 were up 5.9%. In a statement released along with the annual results, Martin claimed: ‘the UK is clearly in political deadlock, parliament having refused to carry out the pre-referendum promise… sent to every household which said: “The Government will implement what you decide.” ‘Democratic power in the UK in the last 30 years has been diluted by a political faction in parliament, the media and boardrooms, which has a quasi-religious believe in the undemocratic EU – with its unelected presidents, MEPs who cannot instigate legislation and an unaccountable court. Voters resent this loss of power – and distrust of politicians and the “elite” is the result.’ In its annual results, Mr Martin said: ‘Elite Remainers are ignoring the “big picture”, regarding lower input costs and more democracy, and are mistakenly concentrating on assumed short-term problems, such as potential delays at Channel ports – which are easier to extrapolate on their computer models.’
