June 8th, 2012
MoneySavingExpert.com sells for £87m
Martin Lewis, the high profile finance campaigner and commentator is believed to have sold his website – MoneySavingExpert.com – for up to £87m.
Martin will receive £35m initially, along with shares in MoneySupermarket to the value of £25m. A further payment or £27m may be payable in cash and shares in three years time.
The hugely popular website was set up in 2003 and is being purchased by the online price comparison service MoneySupermarket.com; however the deal remains to be approved by the Office of Fair Trading (OFT).
As part of the agreement with moneysupermarket, Martin Lewis will stay as editor-in-chief, ensuring via an agreed editorial code that the MoneySavingExpert website retains its editorial independence.
Martin Lewis said “This is great news for MoneySavingExpert.com and its users, ensuring, with or without me, the site will be around for many years to come, maintaining our ethos of ‘cutting your costs and fighting your corner’
MoneySavingExpert.com has become part of people’s daily lives, far bigger that the man who founded it and now is the right time for it to stand on its own two feet”
Martin went on to say “In keeping with the site’s aims, when the deal completes, £10m will go to charity, including £1 million to Citizens Advice, which is facing terrible funding cuts”
MoneySavingExpert has around 39million users and in the year leading up to the end of October 2011, it generated almost £16m in revenue with 59% of this income coming from referral fees paid by MoneySupermarket.< Back to Blog