Business TPI receives £4.5m boost

Business energy comparison specialist Love Energy Savings has secured a £4.5 million investment from NVM Private Equity to help boost its growth over the next five years.

Love Energy Savings’ managing director Phil Foster said the investment from NVM will allow the company to put its “ambitious expansion plans into practice”, including trebling in size to 165 staff over the next year.

Foster said: “I think it’s testament to the impressive growth we’ve experienced over the past few years and the strong potential for further expansion that a company of NVM’s stature wants to invest in us.

Love Energy Savings has amassed a client portfolio of 16,000 small and medium-sized enterprises (SME) since its launch in 2008, making it one of the fastest growing third party intermediaries for SMEs in the UK.

The comparison specialist enables businesses to save money on their gas and electricity bills by allowing them to compare the best deals and facilitate the switching process on behalf of the customer.

One million SMEs are expected to change their tariffs in the coming years as awareness of the benefits of switching grows and the government reduces the time it takes to switch suppliers.

Foster said: “SMEs are increasingly aware of the vast savings they can make on their energy bills. They also know that with industry-leading technology, an unwavering commitment to customer service and a strong track record for delivering results, working with Love Energy Savings can really pay dividends.”

NVM’s lead investment partner Andy Leach said: “The business energy market is too complex for most small businesses to properly understand and Love Energy Savings, with access to a wide range of tariffs and an intimate understanding of the market, combined with an ability to take away the admin burden that can go with switching, is perfectly placed to improve the ability of SMEs to buy energy well.”