Moneysupermarket falls as founder scraps share sale

THE multi-millionaire co-founder of price comparison website moneysupermarket had a change of heart over plans to sell a £100m stake in the business.

Shares in the business, founded more than 20 years ago by entrepreneur Simon Nixon, dropped 4.8% as the market reacted nervously to the about turn.

Mr Nixon’s broker Citigroup put a statement out at 4.37pm on Tuesday saying he planned to sell the shares – which represent 6.4% of the stock – but 15 hours later, at 8.16am, a second statement said the sale had been abandoned.

“Further to yesterday afternoon’s announcement, Simon Nixon has decided not to proceed with the proposed sale of shares,” read the statement.

To date, Nixon, who is no longer involved in the business, has made more than £400m from the sale of shares in the business, both at float in 2007 and subsequent reductions in his stake.

As of last year, the website based at Ewloe, Deeside, had 40 million users and sales of £248m.  Its core business remains financial services products, but it now offers holiday and flight comparisons and also owns moneysavingexpert.com, the advice portal founded by personal finance pundit Martin Lewis.
 

 

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