Business customers will be able to switch their energy provider online for the first time ever, a comparison site has claimed.

Love Energy Savings says it has launched a new online engine which lets companies secure “the best deals within as little as five minutes”.

Phil Foster, chief executive of the Bolton-based firm, said: “Love Energy Savings has recognised that business customers want the best tariffs, the best service, the best price and the easiest shopping experience.

“There was nowhere providing a solution to this, until now. Thanks to our innovative service, businesses will be able to search for the best tariffs and complete the entire transaction online.

“As long as they have the necessary information to hand, such as addresses and contact details, the whole process should only take around five minutes to complete.”

The new comparison engine is up and running with the company’s suppliers including Opus Energy, EDF Energy, British Gas and Npower.

Corporate clients have generally had to go direct to energy suppliers to check rates or work through the process with a broker either over the phone or in person, the company suggested.

It says it has passed on more than £80 million of savings to over 204,000 home and business customers since it was founded in 2007.

Following early success the business was able to welcome outside investment to meet its growth ambitions.

In 2015 NVM Private Equity backed Love Energy Savings with £4.5 million for a 38 per cent stake.

More investors have since been sought and in September this year mid-market private equity investor LDC invested more than £25 million in a secondary buyout.