GoCo Group plc (GoCo) has today announced that it has acquired This Is The Big Deal Limited (trading as Look After My Bills).
The total consideration is comprised of £6m upfront, financed through the group’s existing resources, plus £2.5m deferred consideration, plus up to a further £4m performance-based earn-out, leading to a maximum potential consideration of £12.5m.
Look After My Bills has developed into one of the fastest-growing energy savings services since appearing on BBC Dragon’s Den in 2018, where they were awarded the best equity deal in the show’s 13-year history.
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.
“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.”
Will Hodson & Henry De Zoete, Co-founders, Look After My Bills 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 decent 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.”