Moneyextra sold to debt specialist
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Uinsure chief executive Simon Taylor has sold price comparison website Moneyextra.com to debt solutions provider Fairpoint Group for an initial sum of £1.
But the directors of Moneyextra expect the completion sale price to be £8m, depending on profits.
In March, as part of its preliminary results announcement, Fairpoint outlined a strategy of creating a broad-based financial solutions business serving the needs of financially stressed consumers.
It aimed to generate 20% of revenues and gross profits from business that is not related to individual voluntary arrangements.
Taylor, chairman of Moneyextra, says: “This is an exciting deal for Moneyextra and our team. The natural synergies between the two companies along with their shared market knowledge will allow them to help more consumers improve their finances.
“The deal will also help Moneyextra to compete at a time when the wider price comparison market is becoming more commoditised.”
