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08 June 2012

News - Money saving website sells for £87m


By Ben Turner @ 05:26 :: 1143 Views :: 1 Comments :: Article Rating
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Personal finance journalist Martin Lewis has secured his own multimillion-pound fortune by agreeing the sale of his website for up to £87 million, according to MSN News.

MoneySavingExpert.com, which was set up by Mr Lewis in 2003 and now sends a weekly email to around five million subscribers, is to be bought by price comparison website MoneySupermarket.

Mr Lewis, who is well known as a television pundit on money matters, will receive £60 million upfront in a mixture of cash and shares and a further £27 million conditional on meeting targets over the next three years.

He plans to donate £10 million to charity from the deal, including £1 million to Citizens Advice, while he will retain full control over the website.

According to Google Analytics, the MoneySavingExpert website attracted 39 million unique visitors and around 277 million page impressions in the year to October 31. It generated revenues of £15.7 million over the same period.

He will stay as editor-in-chief for the next three years, with the help of Moneysupermarket's resources and the website's existing 42-strong staff.

"After that, the door is open for me to carry on, and I hope to do so, though perhaps with fewer hours than now, so I can spend more time on my media work and other projects I'm passionate about. These include getting financial education on the curriculum," Mr Lewis said.

 

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Comments
comment By mike33 @ 08 August 2012 00:36
Its all about saving money this is why this website has succeeded so much. This is definitely a lot of money for a website. Great job on this.coffee tables Toronto

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