Dragons’ Den business sold for £12.5million less than 12 months after appearing on show

A business hailed as the “best cash-to-equity deal” in Dragons’ Den history has continued to thrive.

Look After My Bills secured a £120,000 investment and the backing of two dragons for three percent of the business, in 2018.

Less than 12 months later, the automated gas and electricity switch company sold to the group behind GoCompare.com, in a deal worth £12.5million.

Co-founders Will Hodson and Henry De Zoete appeared on the popular BBC show to plug their business, originally asking for £90,000 for a one percent stake.

Their enterprise was aimed at saving consumers money on their energy bills by automatically switching them to the best deal.

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All five dragons wanted in on the business with Deborah Meaden saying: “Anything that disrupts the blinking energy industry has got to be a good thing.”

The duo ultimately walked away with a deal from Tej Lalvani and Jenny Campbell to help grow their business.

Mr Hodson and Mr De Zoete previously told minutehack.com: “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 will help us bring Look After My Bills even more into the mainstream.”

The duo had 15,000 customers when they entered the den, proving there was a market for their services.

By the time Tej and Jenny visited the team at their Vauxhall office in December 2018, they had reached 80,000 users. This had expanded to 100,000 users in 2019.

The group now offers on its website a range of price comparison services for energy deals, as well as mobile and broadband, credit card and travel insurance and discounts.

contacted the company for an update and received an automated email to say the group is “currently not supporting energy autoswitching”.

The email said: “This means that even when there are cheaper deals available we won’t be switching your energy deal automatically; you are in complete control of your energy account and we won’t be initiating or managing any switches for you even when more competitive tariffs return.

“Despite this, please note that we have other products for you to make a great saving with such as broadband, mobiles, credit cards or travels.”

Dragons’ Den is available to view on BBC iPlayer.

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