This article contains promotional content. (June 2018) |
Uswitch Limited is a UK-based price comparison service and switching website founded in 2000. Users can conveniently compare prices across various sectors of energy, personal finance, insurance, and communications
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Price comparison service |
| Founded | 2000 |
| Founder | George Mountbatten, 4th Marquess of Milford Haven |
| Headquarters | The Cooperage, 5 Copper Row, London, SE1,2LH, United Kingdom |
Key people | Tariq Syed (CEO) |
Number of employees | 250 |
| Parent | Red Ventures |
| Website | https://www.uswitch.com |
History
editThis section needs additional citations for verification. (June 2018) |
uSwitch.com was founded by Lord Milford Haven in September 2000 with an initial £4 million investment to take advantage of the UK's deregulated gas and electricity markets.[citation needed] He partnered with Andrew Salmon,[1][2] George Milford Haven[3] and Vipul Amin.[4] The company subsequently expanded into the telephony and communications markets in 2001. In the same year, it also bought competitor buy.co.uk followed by local community information website UpMyStreet.com in 2003.[citation needed]
uSwitch.com was itself acquired by US media conglomerate, E.W. Scripps Company in March 2006 for £210 million ($366 million). The purchase added a second freestanding interactive media business to its portfolio alongside leading US product price comparison site, Shopzilla.[5]
In February 2008, E.W. Scripps Company recorded a $411 million pre-tax charge related to the uSwitch acquisition, contributing to an overall $256 million loss for Scripps in the last quarter of 2007. The scale of the write-down reflects more realistic revenue expectations due to lower-than-expected levels of switching.
In December 2009, uSwitch was acquired by forwarding Internet Group for $10.3 million in cash.[6] Forward is a privately funded collection of internet-based businesses focused on consumer engagement and innovation. Forward3D is the group's 3D search agency (formerly known as TrafficBroker) and Forward Innovations is the consumer division that focuses on price comparison and switching, including brands such as InvisibleHand and Omio.
In June 2011, uSwitch acquired Top10.com. 2011 also saw uSwitch enter the Irish market with uSwitch.ie, which operates in the same way as the UK but currently offers switching services for broadband, TV, phone, and energy services and not insurance or financial services.
In August 2013, LDC backed an MBO of uSwitch, the private equity firm acquired a significant stake in the business with forwarding Internet Group retaining a substantial minority holding. Both investors aligned with the existing management team who have a minority holding in the business.
On 30 April 2015, the property website firm Zoopla agreed to purchase uSwitch from LDC for £160 million.[7]
In 2018, Red Ventures and the investment firm Silverlake purchased Uswitch from the property giant Zoopla to create RVU, a family of brands of which Uswitch is now a part.
Business model
edituSwitch.com is a free, online comparison and switching service, that helps consumers compare prices on energy, finance, insurance, and other services. There are no direct costs to consumers for the service, the company instead receives a commission from some suppliers when a customer chooses to switch to them. uSwitch provides several mechanisms designed to increase suppliers' visibility for a fee.
uSwitch.com was the first comparison website to achieve the Plain English Campaign’s Internet Crystal Mark [8] It also hosts guides advising the public on how to save money and releases research covering technology, the energy market, and financial developments.
uSwitch.com also has a London-based call centre and a Freepost ‘Send us your bill’ service, where customers can post their latest energy bills to receive comparison advice.
In January 2018, the company launched a campaign featuring Channel 4 presenter Rachel Riley in Winkleigh, Devon.[9]
Accreditation
edituSwitch is accredited under the Ofgem Confidence Code,[10] a voluntary code of practice for online domestic price comparison services. uSwitch was involved in the formation of the Confidence Code in 2002 with Consumer Focus, which managed the code until Ofgem took over in 2013. uSwitch.com was previously accredited by Consumer Focus, and played a role in the industry consultation which led to the establishment of a voluntary code of practice—the Energywatch Confidence Code (now known as the Consumer Focus Confidence Code)—in 2002.
The September 2007 minutes of the Consumer Focus Management Board Meeting, and press reports, show that the company was asked by Consumer Focus to change how it displays comparison results and information so that consumers receive unbiased results.[11] The company complied with these requests and has remained accredited.
In Ofgem's (Office of Gas and Electricity Markets) September 2013 audit of the uSwitch.com website, it scored 100% for each of the nine code of practice requirements of the Confidence Code.[citation needed]
Partners and affiliates
editMajor partners include Yahoo, AOL, Orange, Virgin Media, People's Champion and Johnston Press.[5]
See also
editReferences
edit- ^ "pro director | Andrew Salmon takes uSwitch model to Turkey". www.prodirector.net. Retrieved 2018-05-16.
- ^ "Andrew Salmon and uSwitch, who is the man behind Encazip?". Piweek - Tecnología y empresas. Retrieved 2018-05-16.
- ^ "El Marqués de Milford Haven exporta la fórmula de uSwitch". Tus noticias de la semana (in European Spanish). 2017-12-15. Retrieved 2018-05-16.
- ^ "Selling uSwitch: The Story of Vip Amin – VWB Blog". www.vwbblog.com. Retrieved 2018-05-16.
- ^ a b "Scripps acquires uSwitch". E. W. Scripps Company press release. March 16, 2006. Archived from the original on April 8, 2006. Retrieved 2007-09-29.
- ^ Scripps Networks 10K March 1, 2010
- ^ "Zoopla to buy uSwitch price comparison site". BBC News. 30 April 2015. Retrieved 30 April 2015.
- ^ "Switched on to plain English". www.plainenglish.co.uk.
- ^ Andy Keeble (22 January 2018). "Why will Countdown's Rachel Riley be heading to North Devon this weekend?". North Devon Gazette.
- ^ "Compare gas and electricity tariffs: Ofgem-accredited price comparison sites". ofgem.gov.uk.
- ^ Brignall, Miles (December 11, 2006). "uSwitch accused of misleading customers". The Guardian. London. Retrieved 2007-09-29.