The co-founders joined the Den in the year 2018 to seek PS90,000 in exchange in exchange for a percent share of their business , ‘Look after My Accounts’. Henry and Will were able to leave with the support by two Dragons, Tej Lalvani and Jenny Campbell, who shared three percent of the company for the sum of $120,000. Dragons’ Den’s Pitchers. They claimed that the service can help customers change service providers, and help save. After signing up, customers will be automatically switched to the most favorable deal each year automatically.
Five Dragons were keen to put money into their services and it soon became extremely competitive
Deborah Meaden said: “Anything that alters the energy industry’s blinking lights is an excellent thing! Look After My Bills, that was claimed to help users save PS253 on average for their electric and gas bills, was a London-based company which claimed to be Britain’s largest free energy switch service.In 2019, the company that is the owner of Go Compare, the Go Compare website, GoCo Group purchased the business of energy switching for PS12.5million.
The fact that they started the service in the month of January with just 1,000 members, to having more than 500 thousand members by the close of the third quarter of 2018 shows their progress.Dragons Den’s Den’s investor Tej Lalvani, and Jenny Campbell have more than tripled their wealth with a clever bet on an energy saving firm.The two handed over PS120,000 to the company Look after My Bills in an episode of the television show in August as part of a 3 cent stake.
The company has been bought by price comparison website Gocompare for at minimum PS8.5million which means that the Dragons will be sharing PS255,000. In the event that Look After My Bills hits its financial goals, the owners may receive an additional PS4million which means that in total the Dragons could receive PS375,000. The business was established in the name of Henry de Zoete, a former senior advisor to Michael Gove when he was the Education Secretary. De Zoete, 38, was later appointed director of digital for the Vote Leave campaign which won the Brexit referendum. Look After My Bills has 150,000 customers and is currently being purchased by Gocompare in order to increase its presence in the market for energy switching.
Gocompare announced earnings of PS7.6million in the initial six-month period of 2019. a drop of 52 percent from the same period a year earlier.The decline was caused by the company’s expansion of its Weflip site for switching.Will and Henry stated that Henry and Will said that the PS8.5million deal means that the Dragons who estimated the company’s value at PS4million they had more than tripled their earnings within less than a year.If they achieve their goal they can triple their investment as buyers are willing to be willing to pay PS4million more.
The deal was called by the fans as the most successful the show has ever witnessed as the Dragons seldom offer this much money as a trade-off for just a tiny part of the company.GoCo Group’s CEO Matthew Crummack said at the time: “We are incredibly excited to announce this acquisition that will allow GoCo Group to keep tackling the issue of the inertia of consumers.