British comparison website Go Compare has announced the acquisition of one of the UK’s fastest-growing energy savings services, ‘Look After My Bills’, in a deal worth up to £12.5 million.
Go Compare parent company ‘GoCo Group PLC’ who also own energy-switching competitor Weflip, announced the deal to the London Stock Exchange earlier today, further strengthening the Group’s proposition in the energy sector.
Commenting on the acquisition, Matthew Crummack, CEO of GoCo Group, said: “We are incredibly excited to announce this acquisition, which enables the Group to continue to address consumer inertia. Weflip and Look After My Bills complement each other in their approach to saving UK consumers money and with both brands we can target the significant saving opportunities that still exist for consumers, who haven’t been tackled by existing price comparison websites or regulation.”
The GoCo group believe there still remains “a significant opportunity” to target so-called ”infrequent switchers’ who currently pay the most expensive energy rates.
According to Ofgem reports, around 23 million households have not switched their energy provider in the last 12 months.
Matthew adds: “Together, Weflip and Look After My Bills, form the Group’s AutoSave segment which is building momentum and is in a great position to address the needs of infrequent switchers. Our ambition is to rapidly scale customers and build our AutoSave business to grow live customers by at least 25% in the next five months to 31st December 2019.
“I look forward to welcoming Will, Henry and the rest of the team to the Group. Jointly we have the skills, technology and discipline to address the substantial opportunity in addressing the ‘infrequent switchers’ and save the UK billions by switching.”
Look After My Bills rose to prominence after appearing on the BBC show Dragon’s Den in 2018, where Co-Founders Will Hodson & Henry De Zoete were awarded the best equity deal in the show’s 13-year history.
In just 12 months Look After My Bills grew from a simple idea to a service with a customer base of over 150,000. This rapid growth prompted the GoCo Group to make a £6m upfront offer, with the potential fee reaching up to £12.5m.
Look After My Bills Co-Founders Will Hodson & Henry De Zoete said: “Look After My Bills is on a mission to ensure no-one gets ripped off again, ever. We are proud to share that vision with some of Britain’s best-known brands in the GoCo Group.
Our companies are united by the belief that making saving easier will bring down bills for everyone, forever. Why spend hours finding a reasonable price each year when you can appoint an expert to deal with all the hassle for free?
For us, it’s been an incredible ride as we’ve built a fantastic team of energy experts and a culture that will not accept any one of our users being overcharged. Joining forces with GoCo Group and being powered by their SaveStack platform, will help us bring Look After My Bills even more into the mainstream.”