Homeserve invests £37m for stakes in Checkatrade and Habitissimo
Maintenance group Homeserve has splashed out £37 million on snapping up stakes in Checkatrade and Habitissimo, marking its entrance into the home improvement market.
The Walsall headquartered group picked up a 40% stake in Checkatrade, based in Selsey, with an option to increase its position by a further 35% in two years.
Simultaneously, Homeserve has bagged a 70% stake in Habitissimo, with an option to increase its position by a further 30% in either four or five years' time.
Richard Harpin, Homeserve chief executive, said: "Our investments in Checkatrade and Habitissimo underline Homeserve's ambition to be at the forefront of the technological revolution as the world's most trusted provider of home repairs and improvements. "
Checkatrade is an online directory of customer recommended tradespeople, which boasts nearly one million customer visits a month, resulting in 1.3 million jobs per year.
Habitissimo, based in Mallorca, connects homeowners to local tradespeople and operates across nine countries in Europe and Latin America.
Mr Harpin added: "Both of these businesses provide innovative digital platforms, connecting customers to reliable tradespeople.
"With leading positions in the home repair and improvements market, these businesses will broaden Homeserve's reach enabling us to meet the needs of younger, non-insurance minded customers who are looking to find immediate help from a wide range of home trades."