Martin Lewis sells MoneySavingExpert website for £87m
Martin Lewis, the British consumer finance expert, has sold his MoneySavingExpert website to aggregator site Moneysupermarket.com for £87m (€108m).
Mr Lewis owns 100pc of the business and is expected to receive £35m in cash and around 22.1m shares in MoneySupermarket.com.
He intends to gift £10m to charity, including £1m which will go to Citizens Advice.
Mr Lewis, who is also a Daily Telegraph columnist, is to retain his position as editor-in-chief of MoneySavingExpert and Moneysupermarket said it would "preserve the editorial independence" of the website, "free of commercial considerations".
The MoneySavingExpert website, which was launched in 2003 generates its revenue through "click throughs" rather than advertising sales.
As well as the main website, the business owns several consumer specialist sites.
Mr Lewis's prominent profile and regular appearances on daytime television have helped promote his website to one of the most popular personal finance sites on the internet.
In the year ended October 31 2011, MoneySavingExpert reported revenues of £15.8m, up from £11.4m the previous year, and pre-tax earnings of £12.6m.
Mr Lewis hinted that he may not always work for the consumer website saying of the acquisition:
"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."