LONDON: GoCo Group plc has acquired This Is The Big Deal Limited (trading as Look After My Bills). Total consideration is comprised of £6.0 million upfront, financed through the Group’s existing resources, plus £2.5 million deferred consideration, plus up to a further £4.0 million performance based earn-out, leading to a maximum potential consideration of £12.5 million.
The Acquisition significantly strengthens GoCo Group’s proposition in the energy sector and further unlocks the significant opportunity that exists. Look After My Bills has demonstrated strong customer growth over the last 12 months to reach a live customer base over 150,000.
GoCo Group has previously communicated now is the right time to target the ‘infrequent switchers’ with research showing the consumer is ready for easier ways to save. Look After My Bills has proven expertise in innovative ways of marketing and acquiring customers. GoCo Group’s ambition is to continue to scale its AutoSave business segment.
Look After My Bills will continue to operate as a standalone business based in London. The acquisition brings additional headcount of 36 with strong operational and marketing expertise.
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”.