Love Energy Savings is setting ambitious targets to reshape the energy comparison landscape. The company is strategising to significantly enhance its market share.
Founded by Phil Foster, the company is on a robust growth trajectory, eyeing a substantial increase in both its customer base and profitability in the coming years.
Love Energy Savings, a prominent utility price comparison service, has announced its ambitious goal to double its profits by 2021. The business, based in Bolton, forecasts serving 160,000 clients within the next three years. Such growth is anticipated based on current expansion rates and strategic investments.
By the end of the year, the company expects an annual turnover exceeding £25 million, a significant jump from the previous years. This financial trajectory underlines the company’s substantial growth potential and its strategic positioning in the market.
The growth of Love Energy Savings is not limited to technology alone. The company is actively expanding into untapped markets, including larger corporate sectors.
This expansion is further supported by the investments from mid-market private equity investor LDC, which provided over £25m in a secondary buyout.
With this financial backing, Love Energy Savings aims to diversify its offerings, venturing into water, telecoms, and insurance markets.
Additionally, the formation of the LES Solutions division underpins their strategic initiative to broaden corporate services.
NVM Private Equity played a pivotal role by investing £4.5m for a significant stake in the company. This move not only bolstered Love Energy Savings’ technological capabilities but also attracted further investments.
The involvement of investors like NVM has fortified market confidence, showcasing the company’s capability to innovate and expand.
Such strategic financial partnerships have been instrumental in driving the company’s growth and enabling it to meet its long-term goals.
Phil Foster, the founder and leader of Love Energy Savings, has been a driving force behind its success. His vision and strategic acumen have guided the company through various growth phases.
Under Foster’s leadership, the company has not only expanded its client base but also grown its workforce, with plans to soon occupy a third building at its Bolton headquarters.
This expansion reflects the company’s commitment to scaling its operations in line with its ambitious growth objectives.
Love Energy Savings has been a catalyst in transforming how consumers choose energy suppliers. By promoting online platforms, the company has significantly influenced purchasing habits.
The shift from traditional methods to online platforms has underscored the company’s role in the energy sector’s digital evolution.
The company’s success lies in making energy purchases simpler and more transparent, aligning with consumer expectations and preferences.
Love Energy Savings is poised for significant growth through strategic investments and market expansion. The company’s forward-looking strategies are set to redefine energy comparison.