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HomeServe

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HomeServe plc
Company typePublic
LSE: HSV
IndustrySupport Services
Home emergencies and repairs
Founded1993; 31 years ago (1993) in Walsall, England, UK
FounderRichard Harpin
South Staffordshire Water
HeadquartersWalsall, England, UK
Key people
Tommy Breen (Chairman)[1]
Richard Harpin (CEO)[2]
RevenueIncrease £1,132.3 million (2020)[3]
Increase £158.6 million (2020)[3]
Decrease £105.8 million (2020)[3]
Websitewww.homeserveplc.com
Aerial view of Headquarters in Walsall, England

HomeServe is a British multinational home emergency repairs and improvements business based in Walsall, England. Established in 1993, it is now listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. HomeServe operates in the United Kingdom, United States, Canada, France, Spain and Japan.

History

The company was originally established by Richard Harpin in 1993 as a joint venture between South Staffordshire Water and himself under the name of Fastfix to offer an emergency plumbing service.[4] In 1994, the company diversified offering plumbing and drainage policies under the name "HomeServiceScheme".[5] It launched Doméo, a joint venture in France in 2001,[5] and Home Service in the United States in 2003.[5] Attempts to launch in Australia failed, after objections were raised in the Australian Parliament. The water business was demerged from the rest of the Group in 2004 and the name of the company was changed to HomeServe PLC.[6]

The Company bought property repair company Reparalia in Spain in 2007,[5] the French warranty provider SFG in 2009[7] and National Grid's service contract business in the United States in 2010.[8]

In 2010, HomeServe launched Assitenza Casa in Italy, however in March 2017 they sold 51% of this business to Edison,[9] and the remaining 49% in July 2019.[10]

In 2012, HomeServe launched in Germany, but the venture was unsuccessful and was sold in 2015.[11][12][13]

In a list of the "best places to work in the UK" published by Glassdoor in 2016, HomeServe was placed third, being an entry in the list for the first time.[14]

New York

HomeServe's North American business has made a series of acquisitions, including Utility Service Partners in 2016,[15] Dominion Products and Services in 2017,[16] and in 2019 ServLine[17] and a 79% stake in eLocal.[18] 2019 saw the profit from the US business overtake that of the UK.[19]

In 2017, HomeServe announced the acquisition of 40% of Checkatrade, an online directory of customer recommended tradespeople[20] and took complete ownership later that year.[21] Simultaneously, the Company took a 70% stake in Habitissimo, a Spanish web platform that connects homeowners to tradespeople[22][23] and purchased the remaining 30% in 2019.[24]

In 2018, UK recruitment website Indeed, named Homeserve as the UK's fourth best private sector employer[25] based on millions of employee ratings and reviews.[26]

In 2019, HomeServe expanded into Japan with a joint venture with the Mitsubishi Corporation.[27]

During the 2020 COVID-19 pandemic lockdown, HomeServe offered free emergency repairs to NHS and social care workers in the UK[28] and introduced a telephone-based repair advice service in the US.[29]

Sports Sponsorship

In 2010, HomeServe signed a one-year, £750,000 deal to be the official sponsor of then Premier League club West Bromwich Albion F.C. for the 2010/11 season.[30] The club had previously sponsored a stand at West Bromwich Albion's neighbouring clubs, Walsall F.C. In 2014, HomeServe signed a three-year deal to sponsor the Main Stand at Walsall F.C.'s Bescot Stadium.[31] Later in 2014, it was announced that HomeServe would be the official kit sponsor of Walsall F.C. in a three-year deal.[32] In 2017, HomeServe signed a five-year deal with Walsall F.C.[33]

Criticism

During the period 2008 to 2011 the UK business breached the Financial Conduct Authority's Principles of Business, in particular mis-selling of policies to customers. As a result, HomeServe suspended all UK sales activity between October 2011 and January 2012 for retraining sales staff[34][35][36] and was fined £30,647,400 by the FCA in 2014.[37] Throughout this period, three private equity groups looked to acquire the company but were rejected by HomeServe's board.[38]

In April 2012, Ofcom imposed a fine of £750,000 for making silent and abandoned calls to prospective customers in the period February to March 2011.[39][40] It has since ceased the practice of cold-calling customers.[41]

References

  1. ^ "Homeserve reveals appointment of new chairman as FTSE 100 firm targets growth". Evening Standard. 27 January 2021. Retrieved 2 August 2021.
  2. ^ "Homeserve founder-CEO talks US expansion (and shares tips on how to make sales across the pond)". Evening Standard. 18 May 2021. Retrieved 2 August 2021.
  3. ^ a b c "Annual Report 2020" (PDF). Homeserve. Retrieved 1 March 2021.
  4. ^ Cotton, Barney (2018-12-11). "In it for the long game - BLM talks to Homeserve CEO | Business Leader News". Business Leader. Retrieved 2020-03-02.
  5. ^ a b c d "HomeServe History - About Us - HomeServe PLC". homeserveplc.com. Archived from the original on 31 May 2010. Retrieved 28 March 2015.
  6. ^ Shah, Saeed (24 February 2004). "South Staffs plans to demerge water arm". The Independent. Retrieved 17 March 2017.
  7. ^ HomeServe buys France's SFG Yorkshire Post, 26 May 2009
  8. ^ "HomeServe takes over National Grid Energy Services". Shares Magazine. 4 April 2010.
  9. ^ "Edison enters in the home services market". Edison. 2017-03-02. Retrieved 2020-03-02.
  10. ^ Prenesti, Frank (2019-07-19). "Homeserve to sell stake in Italian business". Sharecast. Retrieved 2020-03-02.
  11. ^ "Walsall-based HomeServe now set to grow again". Express & Star. 2012-10-30. Retrieved 2020-03-09.
  12. ^ "Deal Announcement: HomeServe plc". PwC. 2017-12-19. Retrieved 2020-03-09.
  13. ^ "Wertgarantie Group übernimmt neue Gesellschaft und erweitert mit Schutzbriefen ihr Leistungsangebot - WERTGARANTIE". Wertgarantie (in German). 2015-09-28. Retrieved 2020-03-09.
  14. ^ Yorke, Harry (6 December 2016). "Revealed: the top 10 UK companies to work for in 2017". The Telegraph. Retrieved 17 March 2017.
  15. ^ "HomeServe Completes Acquisition of Utility Service Partners, Inc". Businesswire. 2016-07-01. Retrieved 2020-03-10.
  16. ^ "HomeServe USA Announces Acquisition of the Service Plan Business of Dominion Products and Services, Inc". Businesswire. 2017-10-19. Retrieved 2020-03-10.
  17. ^ "HomeServe Acquires ServLine". Businesswire. 2019-12-02. Retrieved 2020-03-10.
  18. ^ Laniyan, Dayo (2019-11-19). "Homeserve Acquires 79% Stake In eLocal, Posts Strong Interim Results". Morningstar. Retrieved 2020-03-10.
  19. ^ Karunaratne, Nilushi (2019-05-22). "HomeServe boosted by US". Investors Chronicle. Retrieved 2020-03-10.
  20. ^ Christopher Williams, Chief Business Correspondent (2017-02-02). "HomeServe seeks digital future with Checkatrade investment". Telegraph.co.uk. Retrieved 2018-03-25. {{cite web}}: |author= has generic name (help)
  21. ^ Robinson, Jon (2017-11-21). "HomeServe takes complete ownership of Checkatrade". Insider Media. Retrieved 2020-03-09.
  22. ^ por Magda Serra. "El grupo británico HomeServe entra en casa de habitissimo como nuevo inversor de referencia | Blog de Habitissimo". Blog.habitissimo.es. Retrieved 2018-03-25.
  23. ^ Thompson, Jennifer (2017-02-03). "HomeServe pays £37m for major stakes in trade checking sites". Financial Times. Retrieved 2020-03-02.
  24. ^ Panchal, Tapan (2019-06-20). "Homeserve Sets Out Plans To Accelerate Growth As Trading In Line". Morningstar. Retrieved 2020-03-09.
  25. ^ Taylor, Chloe (2018-10-22). "Apple named best private sector employer in the UK". CNBC. Retrieved 2018-10-25.
  26. ^ "Top-Rated Workplaces: Best in the Private Sector - Indeed Blog". Indeed Blog. 2018-10-22. Retrieved 2018-10-25.
  27. ^ "HomeServe Establishes Joint Venture in Japan as Part of Global Partnership Strategy". Business Wire. 2019-02-14. Retrieved 2020-03-02.
  28. ^ Thicknesse, Edward (2020-05-19). "Homeserve sees revenue rise by double digit margin". CityAM. Retrieved 2020-06-11.
  29. ^ "HomeServe to help with DIY repair projects through new 'Telefix' service". connecticut.news12.com. 2020-05-07. Retrieved 2020-06-11.
  30. ^ "Albion sign club-record sponsor deal". Express and Star. 25 June 2010. Retrieved 17 March 2017.
  31. ^ "Saddlers announce Stand Sponsorship". Walsall F.C. 10 February 2014. Retrieved 17 March 2017.
  32. ^ "Walsall announce new shirt sponsor as 2014/15 kits are unveiled". Express and Star. 3 June 2014. Retrieved 17 March 2017.
  33. ^ Masi, Joseph (2017-05-25). "Walsall announce new sponsorship deal with HomeServe". Express & Star. Retrieved 2020-03-02.
  34. ^ Osborne, Hilary (2011-10-31). "HomeServe suspends all sales over mis-selling fears". The Guardian. ISSN 0261-3077. Retrieved 2020-03-09.
  35. ^ "HomeServe close to restarting outbound calls". MoneyWeek. 2012-03-29. Retrieved 2020-03-09.
  36. ^ Dunkley, Jamie (2012-02-08). "Homeserve to make 200 UK job cuts after mis-selling scandal". ISSN 0307-1235. Retrieved 2020-03-09.
  37. ^ "HomeServe fined £30 million for widespread failings". FCA. 2014-02-13. Retrieved 2020-03-09.
  38. ^ Ebrahimi, Helia (18 July 2012). "HomeServe knocks back private equity approach". The Telegraph. Retrieved 17 March 2017.
  39. ^ "HomeServe fined £750,000 for silent and abandoned calls". Ofcom. 2012-04-19. Retrieved 2020-03-09.
  40. ^ Rushton, Katherine (2012-04-20). "Homeserve hit with record £750,000 fine by Ofcom over nuisance calls". The Telegraph. ISSN 0307-1235. Retrieved 2020-03-09.
  41. ^ Hosking, Patrick (2019-06-15). "Homeserve boss hopes fortune favours the brave in race for world domination". The Times. ISSN 0140-0460. Retrieved 2020-03-09.
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