Outfox the Market

Outfox the Market

Industry	Energy supply
Founded	2017
Headquarters	Leicester, England
Website	www.outfoxthemarket.co.uk

Outfox the Market, the trading name of Foxglove Energy Supply, is a British energy supplier based in Leicester, United Kingdom. It was founded in 2017.Outfox the Market aimed to stand out in a crowded market by offering exceptional customer service and transparent pricing.

History of Outfox the Market

Foundation and Early Years (2017-2018)

Outfox the Market was founded in 2017. The company was established in Leicester, United Kingdom, with the mission to provide affordable and energy solutions to households across the UK.

From its inception, Outfox the Market positioned itself as a challenger to the traditional energy suppliers. The founders were motivated by the desire to disrupt the energy sector, which they believed was dominated by a few large companies offering limited options to consumers. By leveraging their extensive industry experience and a deep understanding of customer needs, they developed a range of energy tariffs designed to be both cost-effective customer focused.

Rapid Growth and Market Disruption (2018-2020)

Outfox the Market quickly gained a reputation for offering some of the lowest prices on the market. This aggressive pricing strategy, combined with a strong emphasis on customer satisfaction, helped Outfox the Market to rapidly expand its customer base.^[1]

During this period, Outfox the Market also invested heavily in technology to streamline operations and improve customer experience. The company introduced an innovative online platform that allowed customers to easily manage their accounts, monitor their energy usage, and switch tariffs with minimal hassle. This user-friendly approach was particularly appealing to tech-savvy consumers and contributed to the company's growing popularity.

Commitment to Renewable Energy (2020-2022)

In line with its commitment to sustainability, Outfox the Market made a significant shift towards renewable energy sources in 2020. The company launched a series of green energy tariffs, sourcing electricity from wind, solar, and other renewable sources. This move was part of a broader strategy to reduce carbon emissions and promote a greener future for the UK.

The Global Energy Crisis and Adaptation (2022-2023)

Like many energy suppliers, Outfox the Market faced significant challenges during the energy crisis of 2022.^[2] The surge in wholesale energy prices put pressure on the company's business model and required swift adaptation. Despite these difficulties, Outfox the Market remained committed to providing value to its customers. The company introduced measures to protect consumers from the worst impacts of the crisis. Outfox The Market refused to follow the industry norm of installing pre-payment meters into homes and scaled up it's energy-saving advice.

During this period, Outfox the Market also continued to invest in customer service, ensuring that its support teams were available to assist customers through difficult times. This customer-centric approach helped to maintain the company's reputation for reliability and trustworthiness.

Recent Developments and Future Outlook (2023-Present)

In 2023, Outfox the Market resumed its growth trajectory, launching new products and services designed to meet the evolving needs of its customers. The company introduced smart home solutions, including smart meters^[3] and energy management systems, allowing customers to optimize their energy usage and save money.

Outfox the Market remains focused on its mission to offer affordable, sustainable energy to households across the UK. As the energy market continues to evolve, the company is committed to staying at the forefront of innovation, delivering exceptional value.

Industry Recognition

Outfox the Market has consistently been recognized for its customer service excellence.^[4] The company has received high ratings from various customer satisfaction surveys and review platforms. According to Trustpilot, Outfox the Market maintains a strong rating^[5], reflecting its commitment to providing exceptional customer support and service. In addition to positive customer reviews, Outfox the Market has been acknowledged by industry bodies for its performance. The company has received accolades from Citizens Advice, ranking highly in their energy supplier ratings. These rankings are based on a range of factors including customer service, billing accuracy, and complaint handling. Outfox the Market's high scores in these areas underscore its dedication to customer satisfaction and operational transparency.

Challenges

In 2019, the Advertising Standards Authority upheld a complaint against Outfox the Market, which forbade it from publishing false claims to the cheapest supplier in the UK, or the cheapest green energy supplier in the UK.^[6]

In 2021, it came top in a Which? customer satisfaction survey.^[7][8] In July 2022, it came second in a survey by Citizens Advice.^[9] However, later in the same month, energy regulator Ofgem criticised the company for failing to take action on customer's direct debit problems.^[10]

In December 2022, Ofgem served the company with a notice of failure to comply with a confirmed Provisional Order within the meaning of section 25 of the Electricity Act 1989 and section 28 of the Gas Act 1986.^[11] The notice, issued because of Ofgem's concerns over the company's financial viability, forbade Foxglove from taking on any new customers, or taking any money out of the company. In June 2023, the ban on new customers was lifted; with the company using the period to improve on it's customer services^[12]

In July 2023, Outfox the Market was fined £1.8 million for repeatedly failing to provide Ofgem with appropriate financial data when required.^[13]

References

External links

• Official website