Livingbridge has invested in BoilerJuice, the UK’s most popular online heating oil retailer, which was founded by a group of friends in 2004 with the aim of making ordering heating oil easier, cheaper and more convenient.
Today the business helps households throughout the UK buy their oil from a network of suppliers, delivering millions of litres to thousands of customers every week.
Approximately four million UK households, or c15% of the entire population, are not connected to the gas grid, of which around 1.6 million use kerosene for domestic heating. Historically, households relying on heating oil for their energy needs would look to order their fuel deliveries individually or via village and town “fuel clubs”, resulting in higher costs for consumers and reduced delivery efficiency for suppliers.
BoilerJuice uses its technology platform and extensive network of suppliers to match customer orders with supplier capacity in the local area, thereby encouraging suppliers to offer their most competitive prices. As a result, suppliers are able to maximise their volumes and manage their deliveries more effectively while customers are able to significantly reduce their fuel bills.
Livingbridge’s investment in BoilerJuice will help the group to continue to grow its presence throughout the UK. In addition, the investment will help the business to improve the order experience for customers even further through developing its technology, growing the supplier network and investing in customer support.
Following the investment, Ian Ronald, former CEO of discount diners club Tastecard, will also join the business as Chief Executive, working alongside the founder Paul Ward.
Commenting on the deal, Founder of BoilerJuice Paul Ward said: “The investment from Livingbridge will enable us to invest in the technical development and evolution of the BoilerJuice.com transactional platform and I am tremendously excited about what the future may bring. Most of all though, I am confident that this investment will ensure that our customers will continue to receive the highest quality support from our staff and our network of participating suppliers and that BoilerJuice will remain at the heart of the heating oil industry.”
Matthew Upton, Director at Livingbridge, added: “BoilerJuice is a true consumer champion that uses a technology-enabled solution to solve a longstanding problem for its customers. The business has grown steadily since its inception thanks to a strong level of customer loyalty and we are incredibly excited about bringing to bear our experience in the technology, energy and services sectors as we look to increase the Group’s profile and grow the business into a truly national brand.”
Advisors to Livingbridge:
Corporate Finance: Liberty CF
Commercial Due Diligence: Fairgrov