Octopus Group is looking at establishing a new mobile network, according to a Sunday Telegraph report.
The group, of which Octopus Energy is a part, would use one of the existing networks which are run by BT-owned EE, Virgin Media 02, Vodafone and Three UK.
Octopus is understood to have approached at least one major network through Fern Trading, a subsidiary that owns a handful of telecoms assets, including broadband firms Cuckoo and AllPoints Fibre.
The discussions are believed to be linked to Y Corporation, a mobile company which is owned by Fern Trading and has a wholesale agreement to use Three’s network.
Octopus Group, which was founded in 2000 by Simon Rogerson, Christopher Hulatt and Guy Myles, is best known for Octopus Energy, which today has almost 13 million customers.
Octopus Energy was spun out of the group but remains the largest external shareholder.
Octopus Group has expanded into several different sectors through its investment arm, which manages funds of around £10 billion for more than 63,000 investors.
A new provider under the Octopus brand would enable the group to bundle more services together as it expands its operations across telecoms and utilities.
Fern Trading recently announced plans to merge four of its altnets providers into a single company.
Octopus Energy previously had a broadband operation after acquiring Sehll’s household energy business in 2023 before selling it to TalkTalk last year.
Octopus Group declined to comment.