• The transaction brings together the UK’s two highest-rated* home services providers to create a scaled, customer-focused challenger to legacy incumbents
• CORGI HomePlan’s scale and trusted brand combined with Hometree’s leadership in residential electrification creates a platform with the scale and capabilities to accelerate the transition to low-carbon homes
• To fund the transaction, private equity fund Pollen Street takes majority stake in the combined group

Hometree, the fast-growing home services challenger, today announced it has entered into a definitive agreement to acquire OVO Energy’s Home Services division, including the CORGI HomePlan & HomeHeat businesses. The combination will create the UK’s third-largest provider of Home Emergency Insurance, or Home Cover, and position Hometree as a market leader in technology-enabled home services and residential electrification.

The deal is backed by Pollen Street, a private equity and alternative asset manager, which will acquire a majority stake in the enlarged group and provide further growth capital.

Simon Phelan, Hometree’s Founder and Chief Executive Officer, will lead the combined group and reinvest alongside Pollen Street as the combined group’s second largest shareholder. Jason Howie, OVO Home Services MD, will join the group as Chief Operating Officer, alongside a combined executive team from both Hometree and OVO Home Services that creates one of the most capable management teams in the sector.

On completion, the combined company is expected to serve nearly 500,000 customers, employ 550 people, and operate a nationwide network of over 5,000 qualified engineers.

Supported by the growth capital and expertise of Pollen Street, Hometree plans to expand further into home emergency cover and broader residential energy services, in the UK and selected European markets, and will invest significantly in technology and AI to redefine how homeowners access and experience home services – combining subscription cover with financing & installation solutions to take the hassle out of homeownership and support the transition to electrified homes.

Hometree & OVO Home Services – a powerful combination

The acquisition of OVO Home Services brings together two highly complementary businesses, creating the most customer-centric provider in the UK’s home services market. OVO Home Services was developed from the acquisition of the CORGI HomePlan business in 2017. With more than 60 years of brand heritage, the CORGI HomePlan brand is widely trusted by households across the UK, with a longstanding association with gas safety and quality, whilst OVO Home Services has significant brand awareness given OVO Energy’s leading position as one of the largest energy retailers in the country. Hometree intends to use the CORGI HomePlan, CORGI HomeHeat and OVO Home Services brands going forward.

Founded in 2015, Hometree has become the fastest-growing player in the UK home services market by focusing on transparency, a best-in-class customer experience, and continuous product innovation. It is also at the forefront of residential electrification, building one of the UK’s largest financing platforms for home energy solutions having raised £300m from Barclays and CPPIB to fund tens of thousands of solar, battery, and heat pump installations on long-term subscription models, with integrated repair & maintenance cover included.

Together, Hometree and CORGI HomePlan/OVO Home Services create the UK’s most customer-centric home services platform, with the scale and capabilities to challenge legacy incumbents and support households through the transition to lower-carbon living. By combining Hometree’s differentiated customer proposition, product innovation, and renewable installation and financing capabilities with the trusted brand strength and reach of CORGI HomePlan and OVO, the enlarged group is uniquely positioned to play a meaningful role in the UK’s energy transition and the electrification of residential heating.

Simon Phelan, Founder & CEO, Hometree, said: “This acquisition, alongside our partnership with Pollen Street, marks a significant milestone for Hometree. Bringing OVO Home Services & CORGI HomePlan into the group is transformational – immediately increasing our scale and strengthening our position as the leading challenger in the UK home services market. Pollen Street is an excellent partner for the next phase of growth, with a strong track record of backing and scaling specialist customer-centric services platforms. Together, we are well placed to expand our offering and deliver greater peace of mind to homeowners starting in the UK and, over time, across Europe.”

James Bailey, Investment Director, Pollen Street, said: “Hometree operates at the intersection of areas we know exceptionally well. We see clear parallels with our success in scaling successful platforms in our portfolio and couldn’t be more delighted to back Simon, Jason and their impressive team. We are determined to support the combined business to reach its full potential, achieve its mission to accelerate the green transition, and build the leading European home services platform.”

Jason Howie, Managing Director of Home Services, OVO said: “Today’s news marks a very positive evolution for OVO Home Services & CORGI HomePlan, our people, and our customers. By joining Hometree, we are creating this sector’s most capable and dedicated team and a formidable challenger in the UK home services market. We look forward to this next chapter and maintaining a close relationship with our former OVO Energy colleagues through our new partnership.”

Both transactions are subject to customary regulatory approvals and are expected to complete in the summer of 2026.