- Money.co.uk generated £24.7m in revenues in the year ending October 2016
- ZPG’s shares rose by 14. 3p to 368.90 during morning trading today
One of the UK’s leading financial services comparison websites, Money.co.uk, has been bought for £140million by the owners of property portal Zoopla.
As part of the deal, Money.co.uk is expected to be acquired by ZPG Plc for £80million, on a ‘cash-free, debt-free basis’ and for an additional performance-based earn-out of up to £60 million.
Money.co.uk has over 2million visits to its website per month and generated £24.7million in revenues and £8million through earnings, during the year ending October 2016.
Discussing ZPG’s purchase Alex Chesterman, founder & CEO of the company, said:
‘We are delighted to announce this transaction. Adding Money, one of the UK’s leading financial services comparison websites, to our existing brand portfolio will further enhance our product capabilities and consumer engagement across both our comparison and property platforms.’
‘Broadening our financial services offering has long been a key part of our strategy and I look forward to welcoming Chris and his team to the ZPG family.’
Shares in ZPG rose by 14.3p to 368.90, during morning trading.
Other companies within ZPG’s portfolio include uSwitch, PrimeLocation and Hometrack.
Money.co.uk enables consumers to compare thousands of deals from over 600 providers, across more than 60 product categories including mortgages, loans, credit cards, bank accounts and insurance.
Money has 50 staff who will continue to operate from offices in Cirencester, Gloucestershire and operate as a standalone brand and platform.
Chris Morling, founder of Money, commenting on the purchase said:
‘I am very proud of what we have achieved over the last nine years. We have developed a strong brand and loyal following and are looking forward to the next phase of our growth.
‘ZPG has led the way as an innovative digital consumer champion and we are looking forward to helping even more consumers make better-informed decisions as part of ZPG.’
Anthony Codling , equity analyst at Jefferies International Ltd said of the purchase:
‘In our view, this is a logical addition to Zoopla’s comparison services offering and one perhaps closer to the core property services business.
‘On Zoopla you can find your home and through Money you can finance your home. Money has a comprehensive offering across more than 60 financial services products including mortgages, loans, credit cards, savings accounts and current accounts.’
Source: This Is Money
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