Octopus inks deal to acquire Shoreham-by-Sea based energy supplier
- Octopus Energy completes purchase of well-reputed Shoreham-by-Sea based Affect Energy
- Octopus Energy invests in Shoreham-by-Sea and releases growth plans for the future
- Affect Energy supplies 40,000 energy accounts (22,000 households) and a rating of 9.5/10 on Trustpilot
- Third significant deal for Octopus in as many months, following announcement of Octopus as new partner for M&S Energy and Octopus winning against 13 other bids for 95,000 customer Iresa
Fast-growing energy supplier Octopus Energy is firmly placing its tentacles in the South as it completed the purchase of Affect Energy on Friday 31st August to add their 22,000 customers to its existing base of 350,000 customers.
The deal, for an undisclosed 7-figure sum, will see Affect Energy’s customer base migrate to Octopus Energy systems and 100% renewable electricity, although continuing to work out of Affect’s Shoreham-by-Sea base.
This news continues Octopus Energy’s growth plans, after the recent announcement of their strategic partnership to supply energy under the M&S Energy brand, and their appointment as Ofgem’s Supplier of Last Resort to take over the 95,000 strong customer base of insolvent Iresa.
Two-year-old independent Affect Energy is noted for its customer service excellence, maintaining a 9.5/10 rating on consumer rating site TrustPilot. Octopus will retain Affect Energy’s operations team to continue providing their excellent service to Octopus, Affect and Iresa customers.
Octopus’s proprietary, innovative and highly flexible technology platform is setting new standard in energy customer experience. Despite continued rapid growth, Octopus is Which?’s only Recommended Energy Provider. Octopus maintains a 5-star TrustPilot ranking with 9.5 out of 10, is uSwitch’s top-ranking energy supplier and topped the most recent MoneySavingExpert service rankings.
Greg Jackson, CEO of Octopus Energy, said:
“Following the announcement of our partnership with M&S and taking on Iresa’s 95,000 customers, this acquisition is another step in Octopus’s ambition to transform the energy market. Affect’s team deliver outstanding service to customers, and it’s a pleasure to acquire such a special business, and to invest in the South (Shoreham-by-Sea), as we continue to grow and learn.”
John Szymik, CEO and Founder of Affect Energy, said:
“I am proud that we have built a business so beloved by customers. Octopus stood out among all energy retailers as the best company to take this to the next level, and I’m delighted at the opportunity this creates for our team and our customers.”
For journalists in their professional capacity only. Issued by Octopus Energy Ltd. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 09263424. Issued: September 2018.