MoneySavingExpert.com founder flogs website for £87m
Evidently to someone who doesn't read the site
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.” ®