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Telecom Plus
Telecom Plus
Telecom Plus
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Telecom Plus plc is a British multi-utility supplier of gas, electricity, home insurance, and landline, broadband and mobile services to residences and businesses. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Key Information

History

[edit]

The company was founded in 1996 as a telecommunications business. Its first product, launched in 1997, was a least cost call routing 'Smart Box', a gadget that plugs into a phone socket and routes the calls to alternative networks at a cheaper rate than British Telecom.[2]

In 2017 the company sold its 20% stake in Opus Energy to Drax Group.[3]

In October 2023, the company had over 949,000 customers.[4]

Key people

[edit]

Andrew Lindsay, a world-class rower who was a member of the gold medallist British team at the 2000 Olympics,[5] joined Telecom Plus in 2007. He was the chief operating officer in 2009[6] and was promoted to chief executive officer in July 2010.[7] Lindsay held the CEO role jointly with Stuart Burnett from 2021, and in 2023 the company announced that Lindsay would step down at the 2024 AGM.[8]

Operations

[edit]

The company has two subsidiaries:

  • Utility Warehouse (branded as UW) operates a landline telephony service, mobile telephony (as an MVNO on the EE network), supplies broadband, gas and electricity[9] and offers home insurance.[10] UW also offers a pre-paid debit card which pays a "cashback" percentage on purchases (given as a credit against the monthly bill for other UW services) in return for a monthly fee.[11] The cards are operated by Mastercard and issued by PSI-Pay Ltd,[11] a privately held company.[12]
  • Telecommunications Management Limited provides a landline telephony service to small and medium-sized enterprise (SME) customers,[13] as well as operating the 1pMobile consumer MVNO.[14]

The company uses a multi-level marketing model to recruit customers and distributors.[15]

References

[edit]
[edit]
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Telecom Plus

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from Grokipedia
Telecom Plus PLC is a British that trades as , functioning as the United Kingdom's only integrated multi-service provider of utilities and , offering bundled services such as gas, , , , fixed-line services, , and financial products through a single monthly bill to simplify customer billing and deliver cost savings. Incorporated on 9 October 1996 in England and Wales, Telecom Plus PLC began as a telecommunications business focused on call routing solutions before expanding into energy supply and other utilities, with a key milestone being the establishment of long-term energy supply arrangements with npower (now E.ON Next) effective from 1 December 2013. The company is headquartered at Network HQ, 508 Edgware Road, The Hyde, London, and has been listed on the London Stock Exchange since its early years, enabling it to grow through a unique partner-led, word-of-mouth distribution model involving over 71,000 independent partners. As of 30 September 2025, Telecom Plus PLC served over 1.386 million customers—including substantially all of the remaining customers acquired from TalkTalk—primarily residential users but also small businesses, with a strategic target of reaching 2 million customers in the medium term through continued double-digit growth. The company's emphasizes operational efficiency by reselling services from wholesale partners, achieving structural cost advantages that allow it to offer competitive pricing and award-winning , as evidenced by its status as a recommended provider by Which? for multiple services. Financially, for the year ended 31 March 2025, it reported of £1.838 billion, gross profit of £358.1 million (up 0.8% year-over-year), and adjusted pre-tax profit of £126.3 million (up 8.1%), supported by a strong with £79 million in cash and net debt of £116 million at a low leverage ratio of 0.8x EBITDA. Telecom Plus PLC is committed to , targeting net zero emissions by 2050 and a 63% reduction in Scope 1 and 2 emissions by 2035, with current achievements including a 75% penetration among its customer base to enhance energy efficiency. Governance is aligned with the , featuring a diverse board (50% female and 12.5% ethnically diverse), with managerial levels at 44% female and 31% ethnically diverse, and policies on anti-bribery, modern , and strategy to ensure ethical operations. Looking ahead, the company plans to renew its supply agreements beyond 2033, accelerate service adoption through multi-product bundling—which boosts —and maintain progressive growth, with the 2025 payout at 94 pence per share (up 13.3% from 2024).

Company Profile

Description and Services

Telecom Plus PLC, operating under the (UW) brand, is a multi-utility supplier that provides bundled household services to residential and small business customers in the . Its core offerings include gas and supply, with integrated , services, and , all accessible through a unified platform designed to simplify utility management. The company's bundled service model allows customers to combine multiple utilities into a single account, resulting in a consolidated monthly bill and potential cost savings through discounted tariffs that increase with the number of services subscribed. This approach emphasizes convenience by centralizing billing and support, while enabling that benefit users without requiring separate providers for each . For instance, customers taking three or more services qualify for enhanced pricing structures, such as fixed tariffs or unlimited data, fostering long-term retention through integrated service delivery. A key feature of UW's offerings is the UW Cashback Card, a prepaid that rewards customers with cashback on everyday spending, which is directly applied as credits to their bills. Users can earn up to 10% cashback at partnered retailers and 1% on general purchases, covering essentials like groceries and , thereby extending savings beyond traditional costs. This rewards program integrates seamlessly with the bundled model, encouraging broader usage of UW services within the market, where all operations are exclusively focused.

Corporate Structure and Listing

Telecom Plus PLC was incorporated on 9 October 1996 as a under the Companies Act in the . Its registered office and headquarters are located at Network HQ, 508 , The Hyde, , NW9 5AB. The company has been publicly listed on the Stock Exchange's Main Market since 2000 under the TEP. As of November 2025, Telecom Plus PLC maintains membership in the , reflecting its mid-cap status among UK-listed companies. Its stood at approximately £1.37 billion on 7 November 2025. As a publicly traded entity, Telecom Plus PLC operates with a dispersed ownership structure, where institutional investors hold approximately 80.6% of shares but no single maintains a . The largest stakeholders include funds such as Schroder Investment Management (approximately 7.7%) and (approximately 6.7%) as of August 2025. Key subsidiaries include Limited, which handles retail operations for bundled utility and telecom services, and Telecommunications Management Limited, responsible for network services and infrastructure management.

History

Founding and Early Years

Telecom Plus PLC was incorporated on 9 October 1996 as a telecommunications provider in the newly deregulated market, initially focusing on fixed-line services as an alternative to the dominant incumbent British Telecom (BT). The company was founded by John Levin, who joined as a director in early 1997 and brought expertise from the and IT sectors to establish its operational foundation. Operating initially from modest premises in , Telecom Plus aimed to capitalize on the 1990s liberalization of the telecom sector, which allowed new entrants to offer competitive pricing through carrier pre-selection and routing technologies. In 1997, the company launched its flagship product, the Smart Box, a device that plugged into standard phone sockets to automatically route calls over cheaper alternative networks, reducing costs for residential and customers compared to BT's rates. This innovation marked Telecom Plus's entry into the consumer market, emphasizing cost savings in a landscape where had opened opportunities but also intensified competition from established players and emerging rivals. Early operations faced significant challenges, including margin pressures from volatile wholesale rates and the need to build scale against BT's infrastructure dominance, which limited and led to initial financial losses in the late 1990s. By the late , Telecom Plus began shifting toward a multi-utility model to diversify beyond amid these competitive pressures, laying the groundwork for bundled services that would stabilize revenue streams. In 2002, the company launched the brand, introducing bundled gas and electricity services alongside , which significantly contributed to its first profitable year. This strategic pivot was driven by the recognition that integrating utilities could enhance and value in a fragmented market. A key milestone came in 2002, when the company achieved profitability for the first time, reporting of approximately £3.55 million, largely through aggressive partner recruitment in its direct-selling distribution model, which expanded its network to over independent distributors and boosted customer acquisition. This approach not only addressed early growth hurdles but also positioned Telecom Plus for sustained expansion into energy and by the mid-2000s.

Growth, Acquisitions, and Recent Developments

In 2006, amid volatile wholesale prices, Telecom Plus sold its energy supply licenses (Electricity Plus Supply Ltd. and Gas Plus Supply Ltd.) to for a nominal sum, while retaining responsibility for customer management and billing under a long-term agreement. Telecom Plus significantly expanded its energy supply operations in 2013 by reacquiring its former energy supply subsidiaries, Electricity Plus Supply Limited and Gas Plus Supply Limited, from Npower for £218 million, thereby regaining direct control over its retail energy supply operations and reducing reliance on third-party suppliers for wholesale energy. This strategic move enhanced its competitive position in the UK utilities market. In 2017, Telecom Plus divested its 20% equity stake in Group Limited to plc for approximately £71 million in cash, realizing an exceptional gain that supported further investments in core operations. This transaction streamlined the company's portfolio by exiting a non-core focused on small and medium-sized enterprise supply. The company achieved a major growth in March 2024, surpassing one million total customers for the first time, driven by organic expansion and multi-service bundling. By the end of the fiscal year on March 31, 2025, the customer base had grown to 1,163,608, reflecting a 12.6% organic increase from the prior year's 1,011,489, excluding acquisitions. In 2025, Telecom Plus further bolstered its offerings through two acquisitions from TalkTalk Telecom Group Limited: an initial tranche of approximately 25,000 fixed-line and customers integrated by , followed by a second cohort of 120,000 customers announced in August. These moves accelerated customer acquisition and opportunities, contributing to projected 25% overall growth for the fiscal year. As part of its environmental, social, and governance (ESG) commitments, Telecom Plus signed an agreement in March 2024 with Moor Trees to fund the planting of 90,000 trees across and surrounding areas from November 2024 to April 2027, building on prior initiatives to offset carbon emissions and support . This effort aligns with the company's broader net-zero ambitions by 2050 and enhances .

Business Operations

Utility and Telecom Services

Telecom Plus PLC, operating under the brand, sources its electricity and gas supplies exclusively from wholesale markets through third-party providers, without owning any power generation facilities. The company procures energy via a long-term agreement with , established in December 2013 and extending until 2033, under which manages volume purchases, hedging against market volatility, and funding for customer budget plans. This arrangement ties pricing directly to the Ofgem energy price cap, ranging from £1,568 to £1,738 for FY25, ensuring Telecom Plus avoids direct exposure to short-term wholesale fluctuations while fulfilling its role as a . For telecommunications services, Telecom Plus relies on partnerships with established infrastructure providers, as it does not own any network assets. Broadband and landline services are delivered through BT Openreach's copper and fiber infrastructure, supplemented by agreements with alternative networks like CityFibre via reseller partnerships such as PXC Comms and , enabling access to full-fiber options in select areas. Mobile services operate as a (MVNO) on the network, providing 99% UK population coverage and supporting a customer base of 610,689 as of March 2025. Legacy landline telephony is maintained for a small number of customers. Operational processes emphasize integrated delivery across services, with a unified billing system that consolidates , , mobile, and into a single monthly statement for bundled customers. Approximately 90% of accounts are managed via , with billing based on actual or estimated meter readings and supported by tools for year-on-year usage comparisons. Customer support is handled centrally through , featuring 24/7 AI-powered chatbots, WhatsApp integration, and a dedicated hardship fund of £5 million to assist vulnerable customers, having deployed £4.7 million by FY25 in collaboration with organizations like . Service reliability is underpinned by compliance with Ofgem regulations, including universal supply obligations for domestic energy and a high smart meter rollout rate of 75%—exceeding the industry average of 66%—with 73,789 installations completed in FY24 against an Ofgem target of 45,630. Energy supplies adhere to guaranteed standards for interruptions and meter issues, while telecom services benefit from the robustness of partner networks, such as EE's coverage for mobile. No specific broadband uptime metrics are disclosed, but overall operations maintain award-winning status, including Which? Recommended Provider for energy and broadband.

Distribution and Business Model

Telecom Plus operates a (MLM) model through its brand, relying on a network of independent partners to acquire and retain customers via personal referrals. Partners, who are not employees but self-employed individuals, earn commissions by referring new customers to the company's bundled services, such as , , mobile, and , and by recruiting additional partners to build teams. This word-of-mouth approach targets friends, family, and acquaintances, leveraging personal trust to overcome customer in switching providers. The structure of the model imposes no inventory requirements on partners, distinguishing it from product-based MLMs, as earnings derive solely from service referrals without upfront purchases or stock management. Partners receive upfront commissions of up to £300 for each eligible referral taking three or more core services, alongside ongoing residual commissions calculated as a of the referred customers' monthly bills—such as 2.5% on and 4% on or —for as long as the customer remains active. Additional comes from overrides, where partners earn residual percentages on the billings of customers referred by their recruited sub-partners, incentivizing network expansion and long-term retention. This distribution strategy differentiates Telecom Plus from traditional retail utility providers by fostering through a of over 71,000 partners as of March 2025, reducing reliance on expensive mass and enabling scalable customer acquisition at lower costs. The model supports steady expansion, with partners motivated by flexible earning opportunities that scale with referral volume and team development. Telecom Plus ensures compliance with regulations governing MLM schemes, including those under the Consumer Protection from Unfair Trading Regulations 2008, by providing transparent disclosures on earnings potential through partner guides and recruitment materials that outline realistic income expectations based on activity levels. As a FTSE 250-listed company regulated by the (FCA), it maintains oversight to prevent pyramid-like structures, focusing commissions on verifiable customer sales rather than recruitment fees alone.

Financial Performance

Telecom Plus PLC has demonstrated significant growth over the past two decades, expanding from approximately £102 million in the financial year ended 31 March 2005 to £1.84 billion in the financial year ended 31 March 2025 (FY2025). This progression reflects the company's evolution from a primarily telecom-focused provider to a leading multi-service platform, with scaling through customer base expansion and diversification into supply. However, FY2025 saw a year-over-year decline of 9.8%, from £2.04 billion in FY2024, primarily due to the normalization of energy prices following the end of support schemes that had boosted prior-year figures by £109.8 million. Despite the revenue dip, profitability metrics showed resilience, with adjusted pre-tax profit rising 8.0% to £126.3 million in FY2025 from £116.9 million in FY2024. This increase was driven by continued customer growth, including a 15% rise in the customer base to over 1.16 million, which enhanced and recurring revenue streams. Statutory pre-tax profit also advanced 5.5% to £105.9 million, underscoring the effectiveness of the company's model in maintaining margins amid volatile markets. Adjusted climbed 9.4% to 119.2 pence, reflecting strong underlying operational performance. Revenue in FY2025 was predominantly derived from services, which accounted for approximately 83% of total turnover, comprising £903.1 million from and £629.3 million from gas. Telecom services contributed around 13%, with £153.2 million from and and £84.2 million from mobile. The remaining 4%, or £68.3 million, came from other areas including and cashback products. This segmentation highlights the company's heavy reliance on for scale, while telecom and ancillary services provide diversification and higher-margin opportunities. Gross profit across segments rose modestly by 0.8% to £358.1 million, supported by cost efficiencies despite lower overall . Telecom Plus maintains a progressive , aiming to distribute 80-90% of adjusted post-tax profits to shareholders over the medium term. In FY2025, the company proposed a total payout of 94 pence per share, a 13.3% increase from 83 pence in FY2024, comprising an interim of 37 pence and a final of 57 pence. This equates to a of approximately 5.3% based on the share price at the time of announcement, reinforcing the company's commitment to returning value amid sustained profitability growth.

Customer Metrics and Market Position

Telecom Plus, operating as , has demonstrated consistent customer growth, expanding its base from 949,180 customers as of September 2023 to 1,163,608 by March 2025. This represents a 15% year-over-year increase for the ended March 2025, with 12.6% attributed to excluding approximately 25,000 customers acquired from TalkTalk. The company's (MLM) distribution model has driven this expansion by leveraging partner networks to attract new residential and accounts, focusing on bundled service offerings. Customer retention remains a key strength, with an average annual rate of approximately 86%, equivalent to a of 13.7% for the year ended March 2025, an increase from 8.7% in the prior year attributed to the gap between the Ofgem price cap and wholesale prices, with expectations for improvement in FY2026. This performance is bolstered by service bundling, which encourages loyalty through discounted pricing on combined , , mobile, and other utilities; the average takes 2.92 services, reflecting deep integration into needs. The MLM structure further reduces churn by fostering community-driven advocacy among partners, who promote long-term relationships. In the UK market, Telecom Plus holds approximately 3% share of the household sector and 1% in as of March 2025, positioning it as a mid-tier challenger to the dominant " (, , EDF, npower, ScottishPower, and SSE). Its competitive edge stems from price-competitive bundles that undercut traditional providers on total cost, combined with lower churn enabled by MLM loyalty mechanisms, allowing it to capture in a consolidating utilities landscape. This approach has enabled sustained double-digit growth amid regulatory pressures and price cap adjustments. As of 30 September 2025, the customer base had grown to over 1.386 million, reflecting a 19% increase from March 2025 and an annualised organic growth rate of 11%.

Leadership and Governance

Key Executives

Telecom Plus PLC's executive leadership team, as of November 2025, is headed by Non-Executive Chairman Charles Wigoder, who has overseen the company's strategic direction since joining in 1998. Wigoder, a qualified with experience in media and communications finance from roles at Kleinwort Securities, , and Quadrant Group, founded The Peoples Phone Company in 1988, which was acquired by in 1996. Stuart Burnett serves as the sole , having assumed the role at the company's in August 2024 following the departure of former Co-CEO Andrew Lindsay. Burnett joined Telecom Plus in 2016 as Legal & Compliance Director, progressed to in 2019, and was appointed Co-CEO in 2021 before becoming sole CEO. His prior career includes senior legal roles at and TSB Bank, building on his foundation as a at . Nicholas Schoenfeld is the and , a position he has held since joining the company in January 2015. Schoenfeld brings extensive finance expertise from previous roles, including Group Finance Director at Hanover Acceptances and positions at , , and , complemented by an MBA from . David Walter acts as , having joined Telecom Plus in 2022. His background spans consumer goods and sectors, with senior commercial roles at , SSE, and , as well as earlier positions at and . Rob Harris is the , appointed in October 2023. Harris has over two decades of operational leadership experience, including as Managing Director of , Vice President at , and 12 years at in various roles, starting his career at .

Board Composition and Changes

As of November 2025, the board of Telecom Plus PLC comprises 8 members, consisting of 2 executive directors and 6 non-executive directors, providing oversight on strategic direction, , and matters. Among the non-executive directors, Suzi Williams serves as the Senior Independent Director, bringing experience in and communications, while other members, including Carla chairing the Audit and Risk Committee and those chairing the Remuneration and Nomination Committees, contribute specialized expertise in areas such as , , and to ensure robust committee functionality. Recent board changes reflect adaptations to evolving standards and board refreshment, including the appointment of Bindi Karia as an independent in August 2024, and in June 2025, the announcement of Gemma Godfrey and Phil Bunker joining as independent s effective immediately after the August 2025 , replacing Beatrice Hollond and Andrew Blowers who stepped down following nine years of service. The board complies with the 2018 , with ongoing preparations for the 2024 updates applicable from financial years beginning on or after 1 2025, including enhanced through regular reviews of talent pipelines and board refreshment to maintain long-term stability and alignment with shareholder interests. The board emphasizes diversity and , achieving 50% representation among its members and ensuring all non-executive directors meet criteria under the Governance Code, fostering balanced and reduced conflicts of interest.

Controversies and Regulatory Issues

Investigations and Complaints

In 2018, Ofgem launched an investigation into 's management practices, focusing on whether the company was consistently treating in difficulties fairly, including individuals who faced increased financial hardship due to inadequate support such as repayment plans and referrals to external agencies. The probe, initiated following an independent , examined compliance with standard licence conditions related to and handling from 2013 to 2019. accepted responsibility for the failings, which affected some by depriving them of necessary assistance. The Advertising Standards Authority (ASA) upheld complaints against Telecom Plus (trading as ) on multiple occasions between 2005 and 2009 regarding misleading promotional materials. In 2007, the ASA ruled that leaflets promoting phone services were misleading because they exaggerated potential savings compared to competitors without sufficient substantiation, leading to a formal warning and requirement to amend future advertising. Earlier instances in the mid-2000s similarly involved upheld complaints over about guaranteed savings on utility bills in distributed leaflets, prompting Telecom Plus to revise its practices to ensure claims were evidence-based. In 2022, Telecom Plus faced a shareholder dispute at its annual general meeting over a proposed resolution to amend the company's articles of association, allowing for exclusively virtual annual general meetings (AGMs) in the future. The resolution, intended to provide board flexibility post-COVID-19 and leverage technology for broader engagement, received 55.2% votes in favor but failed to meet the required 75% threshold for special resolutions, with 44.8% voting against due to concerns over reduced shareholder access and accountability compared to hybrid or in-person formats. This marked the first failed articles amendment in Telecom Plus's 2022 AGM season and highlighted investor preferences for maintaining physical or hybrid meeting options. As of 2025, Telecom Plus has not faced major fines from these investigations, with the primary outcome being Utility Warehouse's voluntary £1.5 million payment into Ofgem's redress fund in 2021 to support vulnerable customers and energy sector innovation. Ongoing regulatory monitoring continues to ensure compliance with debt handling and advertising standards, with no new enforcement actions reported.

Criticisms of Multi-Level Marketing Approach

Critics have argued that Telecom Plus's multi-level marketing (MLM) model, operated through its brand, resembles pyramid schemes because of its strong emphasis on recruiting new distributors to generate , rather than focusing primarily on retail product . This structure has drawn comparisons to U.S.-style MLM controversies, where similar models have faced widespread ethical scrutiny for promising substantial earnings that few achieve. A 2019 Guardian article specifically questioned 's promotional claims of "life-changing" , noting that the company's reliance on partner mirrors patterns in U.S. schemes criticized for exploiting participants through endless expansion. Average earnings for partners remain low, with the same Guardian investigation finding that across 43,111 partners, the typical weekly commission was £11.80—equating to roughly £614 annually before taxes, costs, and any joining fees—far below the high-income potential advertised in recruitment materials. This figure highlights the model's dependence on recruitment, as most partners earn minimal amounts from customer sales alone, reinforcing perceptions of pyramid-like dynamics where upper levels benefit disproportionately from downline expansion. The model also faces internal challenges, including exceptionally high dropout rates among partners, with over 80% becoming inactive due to unprofitability and recruitment pressures. Company disclosures indicate that approximately half of new partners quit early without meaningful engagement, and there are consistently more inactive than active participants, despite adding around 1,000 recruits monthly; this churn stems from the intense need to build and maintain a downline to sustain earnings. In response, Telecom Plus emphasizes that its approach is legitimate , not a , and has maintained regulatory compliance since its founding in 1996 as a publicly listed on the London Stock Exchange. The firm points to low entry costs—no mandatory purchases or inventory—with a one-time £10 joining fee for account setup and training, plus a £3 monthly fee from the fourth month onward—and oversight by regulators including Ofgem, , and the . It attributes low average earnings to inactive partners and stresses that success depends on individual effort, while aligning with industry standards set by bodies like the , which distinguishes MLMs from illegal pyramids.

References

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