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Posted by InsuranceDealUK under Latest News
The Money Saving Expert (www.moneysavingexpert.com) web-site set up by journalist Martin Lewis has been sold to MoneySupermarket in a deal that is worth £87m. Martin Lewis set the site up in 2003 to provide readers with tips and advice on how to save money and get the best deals, and now has a regular readership for its weekly email of around 5 million people. Reported revenues for the year ending October 2011 were £15.7m, and according to Google Analytics the site attracted 39 million unique visitors and 277 million page impressions during the same period.
It is thought that Martin Lewis will receive £60m in cash and shares as an up-front payment, and if targets are met over the net three years a further £27m. Martin has already pledged £10m to charity, with £1m going the the Citizens Advice Bureau.
Commenting on the deal, Martin 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’.”
Martin will remain as editor in chief of the website and has stated that Money Saving Expert will retain its independence under the deal, “MSE and MoneySupermarket will operate as completely separate entities as part of the bigger group. Think of it like the fact Radio 4 and Radio 5 are both part of the BBC but with their own separate editorial stance… To guarantee that, as part of the legal sale contract, we’ve agreed a strong editorial code, to ensure the site continues to operate as it does now”
Many people are used to visiting the site, and it’s forums to find tips and deals to save them money, whether that is for cheap home insurance, low-cost car insurance or for the best deals in public liability insurance, and hopefully this will continue to be the case.