OVO ENERGY will receive £50,000 after winning a Barclay’s Bank competition.

The company, based on Tetbury Road, Cirencester, was last week announced winner of the South West of the Barclays Business "Take One Small Step" competition which celebrates entrepreneurs with ambition, passion and a great business idea.

Ovo Energy was started by customers fed up with overpriced energy, complicated bills and not being able to do their bit for the environment at a sensible price and the business is confident it delivers what customers want – cheaper, greener, simpler energy.

Darren Farnell, head of local business for Barclays in the South West, said the standard of entries was very high but Ovo Energy showed the business X factor.

"They displayed a fantastic mix of creativity, ingenuity and business acumen to capture the public's imagination," he said.

Stephen Fitzpatrick, managing director of Ovo Energy, said he was excited and proud at winning the award.

"Everyone at Ovo has worked incredibly hard over the past year and it’s fantastic to see their efforts recognised – especially when you consider our short history," he said.

Ovo Energy has been trading for just nine months but already has 30,000 customers.

Mr Fitzpatrick said the money will be invested into a project to improve the accuracy of customers’ bills. It will fund a trial of smart meters .

"Of course, we wouldn’t have won without the support and enthusiasm of our customers and the public," he added.

"So we’d like to say a big thank you to the thousands of people who voted for us."