Octopus Energy splits its business: the software platform Kraken is valued at £11 billion.

Plans of Octopus Energy

According to The Sun: Octopus Energy has announced its intentions to separate its software division Kraken Technologies.

It believes this move will help accelerate the global expansion of Kraken.

The platform, powered by artificial intelligence, is already connected to over 70 million households and business accounts.

According to reports, Kraken could become a public company with an IPO on the London or New York Stock Exchange within the next 12 months.

The business value could reach £11 billion.

Kraken was created for use by Octopus but later began collaborating with other suppliers such as EDF, E.ON, Next, TalkTalk, and National Grid U.S..

Management reported that Kraken has £369 million in annual revenue from these licensing agreements.

The CEO Amir Orod said: “Kraken is now a successful global business in its own right — completing our journey to full independence is a strategic and inevitable next step.”

“It gives us more freedom for investment, expansion, and serving our customers.”

Jacob Jackson, the founder of Octopus, stated: “We set ourselves the goal of creating Kraken as a global platform to transform utility services and provide the innovation, service, and value that customers deserve.”

Resignation of the CEO of Pets at Home

CEO of Pets at Home Lissa McGowan has resigned “with immediate effect” after the retailer lowered its annual profit forecast for the second time this year.

The London-based company announced it is reducing its profit before tax forecast for 2025-26 to a range of £90 million to £100 million, down from £133 million previously stated last year.

LISA Payments

According to HMRC data, Lifetime ISA savers may face penalties totaling £102 million for withdrawals in 2024/25, an increase from £75.3 million the previous year.

LISA investors can withdraw funds for the purchase of a first home valued up to £450,000 tax-free if they are 60 years old or have less than 12 months left to live. In all other cases, a 25% penalty applies.

Helen Morrissey from Hargreaves Lansdown noted that penalties “wipe out” savings.

Concerns about growth at Next

Next CEO Lord Simon Wolfson expressed concerns about “weak growth” in the UK economy, noting rising unemployment and the recent increase in national insurance as factors undermining consumer confidence.

The fashion and homeware giant reported a 13.8% increase in profit to £515 million for the six months to July but warned that sales growth in the UK will slow in the coming months.

The group plans to raise prices by 1% in the second half of the year to offset rising costs.

Octopus Energy is currently actively developing its software division, Kraken Technologies, which underscores the company's focus on innovation and expansion. Lissa McGowan's resignation at Pets at Home and the lowered profit forecast reflect economic challenges in retail, while data on penalties for LISA withdrawals indicate issues that depositors will face. All of this demonstrates a complex economic situation that requires attention from both businesses and consumers.