Heating oil comparison site BoilerJuice fuelled up by Livingbridge investment
Deal marks exit and buy-in-management buy-out for BoilerJuice co-founder Paul Ward with former Tastecard CEO Ian Ronald appointed as new CEO
BoilerJuice, the online heating oil retailer and comparison site, has received investment from mid-market equity firm Livingbridge in a round thought to be under £10m.
Following the investment, co-founder and chief executive officer Paul Ward has exited the business with Ian Ronald; ex-CEO of discount diners club Tastecard, appointed as new chief executive. Ward is still retaining an interest in the business and will be working alongside Ronald.
Founded in 2004, Cambridge-based BoilerJuice looks to make the process of ordering heating oil “easier, cheaper and more convenient” and delivers millions of litres of heating oil to thousands of UK customers that aren’t connected to the gas grid and rely on kerosene heating for domestic heating.
It is able to use its platform to match customer orders with supplier capacity in the local area, which in turn helps suppliers offering more competitive prices.
The company will use the investment to increase its marketing across the UK, improve customer experience and manage its “deliveries more effectively”.
Paul Ward said of the news:
“We started the business as a group of friends looking for a cheaper, more efficient and more convenient way to buy heating oil and have come a long way in a relatively short space of time since then.
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“We are incredibly excited at the opportunities that our relationship with Livingbridge will bring and view this investment as an important step in our development as we seek to deliver the best possible experience for our consumer and suppliers.”
Livingbridge director, Matthew Upton, added: “BoilerJuice is a true consumer champion that uses a technology-enabled solution to solve a longstanding problem for its customers.
“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.”