Utilities and telecoms specialist Verastar turns 20 this month. Headquartered in Manchester with a regional office in Leeds city centre, over the last two decades they’ve evolved from an energy broker to a multi-service provider of essential business services for the SME market. Across brands kinex and Clear Business they now provide services to 160,000 customers, all on a one bill solution.
CEO Chris Earle has been at Verastar since the beginning, and shares his inside view on the last two decades in this Q&A.
Tell us about Verastar 20 years ago and your role here.
Verastar in 1998 was a very small and completely different business. We were originally a sales broker selling energy. This set the DNA of the business, in that it helped us identify the micro-SME market as our target audience and develop the successful sales strategy that is still in place today. We were seeing the opportunities offered by the newly deregulated energy market, and the owners at the time really took advantage of these.
I joined as a Research Analyst, attracted by the exciting stage the business was going through and the idea of being involved with research projects. It was an exciting time mainly due to the volume of sales, which were phenomenal. Joining at that time, I witnessed first-hand a business going through rapid change and growth with great success.
How much has the company changed in the last 20 years?
The company has changed and changed again over the last 20 years. We evolved in the first instance from a single-focus sales force to a telecoms service provider, creating the need for a customer service side for the business. We introduced broadband in 2004 to the B2B market when most businesses didn’t have the service, launched new brands and have diversified by entering new markets since out Vitruvian Partners investment in 2011.
Today I’m proud to say that our offering is truly unique in our industry with seven essential business services – telecoms, broadband, mobile, gas, electricity, water and insurance (through our sister company The Insurance Octopus) – and our one bill, one account solution.
What would you say has been the key factor in Verastar’s success?
Aside from our unique offering, I’d say the key to Verastar’s success has been our results-oriented culture – people working hard to achieve success. I think this is key to any successful business and something which is often overlooked.
I’d also say it’s our understanding of the micro-SME market and how to win/service customers which sets us apart. People seem to miss that bit of the market and it’s where we have seen great success.
What has been your biggest achievement at Verastar in the last 20 years?
Becoming CEO has been my biggest career achievement to date. From joining as a Research Analyst, I learnt the business inside out by working in various departments from Administration Manager to Operations Director before being appointed CEO in 2011.
I am truly passionate about making the running of a business easier for SMEs and this role gives me the platform to be able to achieve that.
What do you think is in store for the next 20 years of Verastar?
Over the next 20 years we plan to further establish ourselves of the supplier of choice for essential services to small businesses. We also want to take advantage and reap the benefit from AI and machine learning, without getting caught up in the concept of it.
In the very near future, we are launching a new sales proposition which will be another unique factor in our marketplace.