International law firm Simmons & Simmons is advising GoCo Group plc, which operates GoCompare.com, a leading UK financial services, utilities and home services comparison website (GoCompare), on the acquisition, announced earlier today, of This Is The Big Deal Limited (trading as Look After My Bills) from its co-founders, Will Hodson and Henry de Zoete and other shareholders. The total consideration (including earn-out) for the acquisition is up to £12.5m.
Look After My Bills has developed into one of the fastest growing energy savings services since appearing on the BBC series Dragon’s Den in 2018. All five Dragons made an offer to invest and a £120,000 investment was agreed in return for 3% equity – making it the best deal ever secured in the show’s 13-year history.
The acquisition complements GoCompare’s mission to save people time and money and significantly strengthens its proposition in the energy sector, further unlocking the significant savings opportunities that still exist for consumers.
Simmons & Simmons previously acted for GoCompare on its acquisition of MyVoucherCodes, the industry-leading digital media and affiliate marketing specialist that connects consumers with money saving offers from the world’s leading brands and its acquisition of Energylinx, the domestic and business energy comparison and switching service that, through its marketing leading supplier relationships, helps customers find, compare and switch to the best value energy tariffs. The firm also acted for GoCompare on its first overseas investment – the acquisition of a minority stake in Dubai-based FinTech company Souqalmal.com, the leading digital comparison business in the Middle East.
Nick Edwards, GoCompare’s Chief of Staff and General Counsel said: “This is an exciting acquisition for the GoCo group, and we are once again grateful to the Simmons & Simmons team for their seamless advice, responsiveness and support at every stage of the transaction. We really enjoy working with Simmons & Simmons, they understand our business and provide the advice we need.”
Commenting on the transaction, corporate partner Colin Bole said: ‘‘Congratulations to the GoCompare team on successfully completing another exciting and strategically significant acquisition. We are delighted to build on the success of the MyVoucherCodes, Energylinx and Souqalmal transactions and help GoCompare execute another high-profile deal.”
The Simmons & Simmons team advising on the acquisition is led by corporate partner, Colin Bole), assisted by corporate managing associate, Steph Featherstone and associate, Andrew Massey, and includes tax partner, Nick Cronkshaw and managing associate, Zoe Arnautov, FinTech sector head, Angus McLean and associate James Agnew, data protection & privacy partner Lawrence Brown and associate Sam Curtis, employment associates, Joanna Lindley and Louisa Rogers, incentives managing associate Tair Hussain, and anti-trust partner, Peter Broadhurst and associate Shachi Nathdwararala.