Feeds

MoneySavingExpert.com founder flogs website for £87m

Evidently to someone who doesn't read the site

Reducing security risks from open source software

MoneySavingExpert.com - the advice website for people seeking decent insurance, credit cards and other money deals - is being sold for £87m to MoneySupermarket.com.

Personal finance journalist Martin Lewis founded the site in 2003.

The proposed deal awaits clearance from shareholders and regulators including the Office of Fair Trading.

MoneySupermarket.com said it was the largest provider to Lewis's site, with MoneySavingExpert.com deriving 59 per cent of its revenue from the price-comparison website.

The deal, if cleared, will make Lewis a multi-millionaire. He'll receive £35m in cash and around 22.1 million shares in MoneySupermarket.com. A further consideration of £27m will be deferred depending on how well MoneySavingExpert.com performs under its new parent.

Lewis, who will become editor-in-chief, said his site would retain independence from MoneySupermarket.com.

The acquisition is expected to complete in the autumn.

“I’m chomping at the bit to get going, and come up with new ways to help people save cash and continue campaigning on issues such as PPI and getting financial education on the curriculum," Lewis said.

"In keeping with the site’s aims, when the deal completes, £10 million will go to charity, including £1 million to Citizens Advice, which is facing terrible funding cuts.” ®

Seven Steps to Software Security

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.