Fairpoint gets Moneyextra for £1

Financial services company Fairpoint Group is to acquire Moneyextra.com for £1.


Financial services company Fairpoint Group is to acquire Moneyextra.com for £1.

Financial services company Fairpoint Group is to acquire Moneyextra.com for £1.

The initial sum for the deal is £1, with a further £1 million capital to be made available this financial year to replace existing borrowings and fund growth. A further performance related payment is expected to bring the total consideration to £8 million.

Moneyextra is a price comparison website that compares financial services including mortgages and credit cards. Founded in 1995, the Manchester-based company reported an operating loss of £1 million on sales of £3 million for the 19-month period ending September 2009.

Lancashire-based Fairpoint was established in 1997 as Debt Free Direct. The AIM-listed company provides debt resolution and money management advice to financially stressed consumers.

Chris Moat, CEO of Fairpoint, says: ‘The income and expenditure review we undertake with customers gives us a clear insight into where customers can reduce their bills and the addition of Moneyextra to the group provides us with a clear way of delivering savings to customers on a range of product and services.’

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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