It was announced yesterday that Martin Lewis has sold his Money Saving Expert website to web comparison site MoneySuperMarket.com. The deal will need to be approved by the office of fair trading (OFT), but Lewis is set to gain an initial payment of £35m plus £25m of shares in the company. After 3 years he may also receive an additional £27m in cash and shares.
Lewis will remain editor in chief of MoneySavingExpert.com which will also retain its editorial independence
When asked 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 than the man who founded it, and now is the right time for it to stand on its own two feet."
In the past 12 months, Moneysavingexpert.com has generated revenues of nearly £16m, of this, 59% was earned from referral fees paid by Moneysupermarket.com!!
Now we know why they wanted to by it!! To save themselves some money!
Its nice to see that not all nice guys finish last.......well done Martin :))
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