View more on these topics

Moneysupermarket.com confirms floatation

Moneysupermarket.com has today confirmed its intention to float on the London Stock Exchange.

There have been persistent market rumours that the firm will realise its floatation ambitions in 2007.

These were reinforced when, earlier this month, chief executive Simon Nixon bought silent Duncan Cameron’s 48% stake in the business for £162m in cash and 5% shares.

Credit Suisse is acting as sole sponsor, sole global coordinator and bookrunner while Lehman Brothers International and UBS are acting as co-lead managers.

Simon Nixon, chief executive of Moneysupermarket.com, says: “We are delighted to make this announcement today.

“Over the past seven years, Moneysupermarket.com has focused on building its internet business by putting consumers first and a public listing will help us to continue raising the profile of the company as a consumer champion.

“We believe the strength of our brand and market position, combined with our consumer focus and record of innovation, mean we are well positioned to capitalise on the positive trends we see in our chosen markets.”

Gerald Corbett, chairman of Moneysupermarket.com, says: “Moneysupermarket.com is an exciting and dynamic business.

“I have been impressed with the strong management team led by Simon Nixon, and by the significant growth the business has achieved up to now.

“I believe that the group has a bright future as a public company.

“I am committed to achieving the standards of corporate governance expected of an industry leading company.”

Recommended

Mutual reveals healthy results

Scarborough has revealed a 20% increase in pre-tax profits. It reports profits of £6.8m and a 33% increase in total group assets to a record £2.3bn. Group mortgage balances were up 4% to £1.4bn.

Select & Protect appoints head of sales

Select & Protect has appointed Paul Firkins as head of sales. Firkins was previously with Equity Insurance Group where he was responsible for developing and bringing to market first4cover, a general insurance platform aimed at the mortgage lender and intermediary market. His role prior to this was divisional director at Heath Lambert Insurance Services, responsible […]

Clarification on financial promotions

Some commentators believe the move towards principles-based regulation means that smaller firms will be able to issue non-compliant promotions and get away with it. The pages of Mortgage Strategy have hosted a healthy debate on this subject over the past few months. For example, in the May 21 issue, Steve Walker, managing director of Promise […]

Newsletter

News and expert analysis straight to your inbox

Sign up