Owner Ovo Energy loans millions to revive west London party venue

Ovo founder Stephen Fitzpatrick plans to set up a private members' club in Kensington Roof Gardens

The owner of energy supplier Ovo has borrowed more than £11 million will go towards luxury refurbishment of exclusive party venue in west London

Imagination Industries, the parent company of the UK's fourth largest gas and electricity supplier until March this year, has provided funding to Kensington Roof Gardens, another of its subsidiaries, as shows accounts filed at Companies House.

The numbers have changed. to highlight billionaire Ovo founder Stephen Fitzpatrick's investment in the site. He is spending millions to create a private club five years after Kensington Roof Gardens closed. The club was previously controlled by Sir Richard Branson for 37 years.

Documents seen by The Telegraph show Kensington Roof Gardens owed Imagination Industries £11.6 million at the end of last year.

p>

The loans came after Ovo came under scrutiny during the energy crisis, when its four million customers faced skyrocketing bills and the supplier warned it risked defaulting on its financial obligations.

Mr Fitzpatrick was questioned last year. MPs in the form of inter-company loans and payments worth around £40 million as they urged him to «open the books».

A presentation to the local council outlines Mr Fitzpatrick's ambitious plans for Kensington Roof Gardens, which he wants to return to their “former glory.”

He is building a so-called «Sun Pavilion» for rooftop restaurants and also hopes to attract high-profile guests such as film director Sam Mendes and artist Grayson Perry. Marketing materials also mention Michael Gove as a potential candidate.

Fitzpatrick's partner in the venture is Melinda Stevens, a former editor at Condé Nast Traveler magazine, who has been named creative director.

The project has drawn complaints to the council from local residents who raised concerns about disturbances overnight.

Mr Fitzpatrick, a former Belfast city trader, has built a vast business empire behind Ovo, which he founded in 2009. In addition to Kensington Roof Gardens, he also founded Upper Aerospace, a flying taxi company now listed on the New York Stock Exchange.

He also owned Formula One. Manor Racing Team until its collapse in 2017. Ovo reported a loss of £1.65 billion last year, compared with a profit of £370 million in 2021.

Mr Fitzpatrick declined to comment.