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HomeServe

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HomeServe plc
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 £1,304.7 million (2021)[3]
Decrease £71.8 million (2021)[3]
Decrease £31.8 million (2021)[3]
Parent
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. It operates in the United Kingdom, United States, Canada, France, Spain, Japan and Germany.

Established in 1993, HomeServe was listed on the London Stock Exchange until it was acquired by Brookfield Asset Management for £4.08 billion in January 2023.[4]

History

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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.[5]

In 1994, HomeServe diversified offering plumbing and drainage policies under the name "HomeServiceScheme".[6] It launched Doméo, a joint venture in France in 2001,[6] and Home Service in the United States in 2003. [6]

After attempts to launch in Australia failed over objections made by the Australian Parliament, the water business was spun off from the rest of the group in 2004 and the company was changed to HomeServe PLC.[7] Afterwards, it bought property repair company Reparalia in Spain in 2007,[6] the French warranty provider SFG in 2009,[8] and National Grid's service contract business in the United States in 2010.[9]

Seven years after opening it in Italy, the company sold 51% of Assitenza Casa in March 2017 to Edison[10] - the rest of the business was sold in July 2019.[11] Inaugurated in 2012, its venture in Germany was sold three years later due to being unsuccessful.[12][13][14]

In 2016, it was featured on a list of "the best places to work in the UK" for the first time when it was ranked third in a list published by Glassdoor.[15] Two years later, UK recruitment website Indeed named HomeServe the fourth best private sector employer in the region,[16] based on millions of employee ratings and reviews.[17]

New York

HomeServe's North American business has made a series of acquisitions, including Utility Service Partners in 2016,[18] Dominion Products and Services in 2017,[19] and in 2019 ServLine[20] and a 79% stake in eLocal.[21]

In 2017, it announced the acquisition of 40% of Checkatrade, an online directory of customer recommended tradespeople[22] and took complete ownership later that year.[23] Simultaneously, it took a 70% stake in Habitissimo, a Spanish web platform that connects homeowners to tradespeople[24][25] and purchased the remaining 30% in 2019.[26]

In 2019, as business profits in the United States surpassed those in the United Kingdom,[27] HomeServe expanded into Japan by entering into a joint venture with the Mitsubishi Corporation.[28]

During the 2020 COVID-19 pandemic lockdown, the company offered free emergency repairs to NHS and social care workers in the UK[29] and introduced a telephone-based repair advice service in the US.[30]

Four months after it was reported that Brookfield Asset Management was considering buying it,[31] HomeServe agreed to recommend a £4.08 billion bid in July 2022.[32] In December, it announced that all conditions for the takeover had been met, so allowing the transaction to proceed.[33]

In January 2023, it was announced that its acquisition by Brookfield Asset Management has been completed.[34]

Sports sponsorship

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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.[35] 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.[36] Later in 2014, it was announced that HomeServe would be the official kit sponsor of Walsall F.C. in a three-year deal.[37] In 2017, HomeServe signed a five-year deal with Walsall F.C.[38]

Criticism

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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[39][40][41] and was fined £30,647,400 by the FCA in 2014.[42] Throughout this period, three private equity groups looked to acquire the company but were rejected by HomeServe's board.[43]

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.[44][45] It has since ceased the practice of cold-calling customers.[46]

References

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  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 2021" (PDF). Homeserve. Retrieved 17 February 2022.
  4. ^ "Brookfield Asset Management acquires HomeServe for £4.08B". McCarthy Tétrault. Retrieved 21 August 2023.
  5. ^ Cotton, Barney (11 December 2018). "In it for the long game - BLM talks to Homeserve CEO | Business Leader News". Business Leader. Retrieved 2 March 2020.
  6. ^ a b c d "HomeServe History - About Us - HomeServe PLC". homeserveplc.com. Archived from the original on 31 May 2010. Retrieved 28 March 2015.
  7. ^ Shah, Saeed (24 February 2004). "South Staffs plans to demerge water arm". The Independent. Retrieved 17 March 2017.
  8. ^ HomeServe buys France's SFG Yorkshire Post, 26 May 2009
  9. ^ "HomeServe takes over National Grid Energy Services". Shares Magazine. 4 April 2010.
  10. ^ "Edison enters in the home services market". Edison. 2 March 2017. Retrieved 2 March 2020.
  11. ^ Prenesti, Frank (19 July 2019). "Homeserve to sell stake in Italian business". Sharecast. Retrieved 2 March 2020.
  12. ^ "Walsall-based HomeServe now set to grow again". Express & Star. 30 October 2012. Retrieved 9 March 2020.
  13. ^ "Deal Announcement: HomeServe plc". PwC. 19 December 2017. Retrieved 9 March 2020.
  14. ^ "Wertgarantie Group übernimmt neue Gesellschaft und erweitert mit Schutzbriefen ihr Leistungsangebot - WERTGARANTIE". Wertgarantie (in German). 28 September 2015. Retrieved 9 March 2020.
  15. ^ Yorke, Harry (6 December 2016). "Revealed: the top 10 UK companies to work for in 2017". The Telegraph. Retrieved 17 March 2017.
  16. ^ Taylor, Chloe (22 October 2018). "Apple named best private sector employer in the UK". CNBC. Retrieved 25 October 2018.
  17. ^ "Top-Rated Workplaces: Best in the Private Sector - Indeed Blog". Indeed Blog. 22 October 2018. Retrieved 25 October 2018.
  18. ^ "HomeServe Completes Acquisition of Utility Service Partners, Inc". Businesswire. 1 July 2016. Retrieved 10 March 2020.
  19. ^ "HomeServe USA Announces Acquisition of the Service Plan Business of Dominion Products and Services, Inc". Businesswire. 19 October 2017. Retrieved 10 March 2020.
  20. ^ "HomeServe Acquires ServLine". Businesswire. 2 December 2019. Retrieved 10 March 2020.
  21. ^ Laniyan, Dayo (19 November 2019). "Homeserve Acquires 79% Stake In eLocal, Posts Strong Interim Results". Morningstar. Retrieved 10 March 2020.
  22. ^ Williams, Christopher (2 February 2017). "HomeServe seeks digital future with Checkatrade investment". Telegraph.co.uk. Retrieved 25 March 2018.
  23. ^ Robinson, Jon (21 November 2017). "HomeServe takes complete ownership of Checkatrade". Insider Media. Retrieved 9 March 2020.
  24. ^ por Magda Serra. "El grupo británico HomeServe entra en casa de habitissimo como nuevo inversor de referencia | Blog de Habitissimo". Blog.habitissimo.es. Retrieved 25 March 2018.
  25. ^ Thompson, Jennifer (3 February 2017). "HomeServe pays £37m for major stakes in trade checking sites". Financial Times. Retrieved 2 March 2020.
  26. ^ Panchal, Tapan (20 June 2019). "Homeserve Sets Out Plans To Accelerate Growth As Trading In Line". Morningstar. Retrieved 9 March 2020.
  27. ^ Karunaratne, Nilushi (22 May 2019). "HomeServe boosted by US". Investors Chronicle. Retrieved 10 March 2020.
  28. ^ "HomeServe Establishes Joint Venture in Japan as Part of Global Partnership Strategy". Business Wire. 14 February 2019. Retrieved 2 March 2020.
  29. ^ Thicknesse, Edward (19 May 2020). "Homeserve sees revenue rise by double digit margin". CityAM. Retrieved 11 June 2020.
  30. ^ "HomeServe to help with DIY repair projects through new 'Telefix' service". connecticut.news12.com. 7 May 2020. Retrieved 11 June 2020.
  31. ^ Hosking, Patrick. "Canadian property fund Brookfield mulls offer for Homeserve". The Times. ISSN 0140-0460. Retrieved 17 May 2022.
  32. ^ "Soon-to-be-acquired Homeserve to replace outbound Avast on FTSE 100". Morning Star. 7 September 2022. Retrieved 16 December 2022.
  33. ^ "Homeserve says conditions for takeover by Brookfield met". Morning Star. 14 December 2022. Retrieved 3 January 2023.
  34. ^ "Brookfield Asset Management acquires HomeServe for £4.08 billion". Mccarthy Tetrault. Retrieved 21 August 2023.
  35. ^ "Albion sign club-record sponsor deal". Express and Star. 25 June 2010. Retrieved 17 March 2017.
  36. ^ "Saddlers announce Stand Sponsorship". Walsall F.C. 10 February 2014. Retrieved 17 March 2017.
  37. ^ "Walsall announce new shirt sponsor as 2014/15 kits are unveiled". Express and Star. 3 June 2014. Retrieved 17 March 2017.
  38. ^ Masi, Joseph (25 May 2017). "Walsall announce new sponsorship deal with HomeServe". Express & Star. Retrieved 2 March 2020.
  39. ^ Osborne, Hilary (31 October 2011). "HomeServe suspends all sales over mis-selling fears". The Guardian. ISSN 0261-3077. Retrieved 9 March 2020.
  40. ^ "HomeServe close to restarting outbound calls". MoneyWeek. 29 March 2012. Retrieved 9 March 2020.
  41. ^ Dunkley, Jamie (8 February 2012). "Homeserve to make 200 UK job cuts after mis-selling scandal". ISSN 0307-1235. Retrieved 9 March 2020.
  42. ^ "HomeServe fined £30 million for widespread failings". FCA. 13 February 2014. Retrieved 9 March 2020.
  43. ^ Ebrahimi, Helia (18 July 2012). "HomeServe knocks back private equity approach". The Telegraph. Retrieved 17 March 2017.
  44. ^ "HomeServe fined £750,000 for silent and abandoned calls". Ofcom. 19 April 2012. Retrieved 9 March 2020.
  45. ^ Rushton, Katherine (20 April 2012). "Homeserve hit with record £750,000 fine by Ofcom over nuisance calls". The Telegraph. ISSN 0307-1235. Retrieved 9 March 2020.
  46. ^ Hosking, Patrick (15 June 2019). "Homeserve boss hopes fortune favours the brave in race for world domination". The Times. ISSN 0140-0460. Retrieved 9 March 2020.
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