A business described one of the best in the history of Dragons’ Den was sold for £12.5million just months after being pitched to the entrepreneurs.
Will Hodson and Henry De Zoete's firm Look After My Bills secured a £120,000 investment after viewers heard how it could safe customers hundreds.
The due told how their idea could thrive money by automatically switching people them to the best on their energy bill deal.
Appearing on the popular BBC show to plug their business in 2018, they originally asked for £90,000 for a one percent stake.
In the end they secured a £120,000 investment for three per cent of the business.
Henry and Will walked away with the backing of Dragons Tej Lalvani and Jenny Campbell – and were glad they took the offer.
Because less than a year later, the owners sold to the group behind GoCompare.com and earned well over £5 million each/
Express.co.uk report that all five dragons wanted in on the business – and three of them regret not getting their hands on it.
Deborah Meaden said: “Anything that disrupts the blinking energy industry has got to be a good thing.”
It was hailed as the “best cash-to-equity deal” ever in Dragons’ Den.
The duo had 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."
Investor Jenny Campbell reflected on negotiating one of the “best deals” in the show's history.
She told the Look After My Bills blog: “It was one of the longest negotiations in the whole series with Look After My Bills, lasting nearly three hours.
“I don’t think anyone else went to the wall three times.
“It can be a good thing if the entrepreneurs in front of you can’t agree to your offer but they have shown they’re prepared to negotiate and negotiate hard.
“I like the hard negotiations because it shows the entrepreneurs’ skills. I was okay with where I landed with Look After My Bills.
“Of course I would have wanted 10 percent of business, of course! All this means is that we’ll have to make it even more valuable to make the investment worth it!”
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.
