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Is there any link between Pure Planet and Octopus Energy

  • 16 June 2021
  • 4 replies
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I’m sure I read that one owns the other, but I might be wrong.

 

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Best answer by Gwyndy 16 June 2021, 17:56

I’m sure I read that one owns the other, but I might be wrong.

 

Hi @Tankertonian 

Welcome to the Pure Planet Community.

Pure Planet has a ‘trading link’ with, and is partially owned by, BP - neither of which appear to have a link to Octopus Energy, which is part of the Octopus Group Holding Company.

Kindest Regards

Gwyndy

 

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4 replies

I’m sure I read that one owns the other, but I might be wrong.

 

Hi @Tankertonian 

Welcome to the Pure Planet Community.

Pure Planet has a ‘trading link’ with, and is partially owned by, BP - neither of which appear to have a link to Octopus Energy, which is part of the Octopus Group Holding Company.

Kindest Regards

Gwyndy

 

Good to hear. I have until Sunday to renew my PP account and if Octopus was involved I’d go elsewhere.

 

Hi @Tankertonian 

Welcome to the community! Thanks for posting.

@Gwyndy is correct! There’s no link between PP and Octopus. We're a private, independent company. bp holds a minority shareholding of just under 24% in Pure Planet.

Whilst 24% is not greater than 50% and therefore a minority, the fact that it is as much as 24% gives BP quite some control. Behind the scenes there is probably greater control with a Shareholders’ Agreement limiting what PP can do without BP’s consent plus BP I believe is a major creditor of PP and it’s their lending keeps things alive. However, it is nothing to do with Octopus thank goodness!
 

Also there is a reason it is 24%. At 25% a shareholder can take all sorts of action. Under that but above 15% a shareholder can protect its interests to an extent, prevent changes in the Articles of Association etc.

Because of the funding provided by BP to all intents and purposes it can exercise considerable control over PP. Rightly so if you are a major investor. Plus wholesaler of course!

When checking costs ready for my renewal I checked with Octopus. They were going to be dearer than PP.

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