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August 08, 2006
UK's MoneySuperMarket Buys PeoplesChampion
London-based MoneySuperMarket has acquired control of the start-up PeoplesChampion’s for £250K ($476K) via loan notes to PeoplesChampion’s four founders. MoneySuperMarket already operates MoneySupermarket.com, which allows visitors to compare financial products like mortgages, car loans, and insurance. The PeoplesChampion site will do the same, using the MoneySupermarket search engine, but also feature editorial content.
This is a funny deal. Not sure what MoneySuperMarket is really paying for. PeoplesChampion just seems like a crummy URL with no there there. So its doing M&A to buy editors? Big whoop.
Still, we found MoneySuperMarket to be an interesting company. It' s not really a Web publisher - that is a front. Over 90% of its revenue comes from the introduction fees payable by the product providers when you buy a loan, credit card, current account etc through the site. The company says it employes about 300 in Chester, UK. It says it has turnover rising from £3m in 1999 to £40m in 2003.
MoneySupermarket Founder/CEO Simon Nixon
Read - Uk Gets Finance (red herring)
Posted on August 8, 2006 01:28 AM | Posted to eCommerce | Permalink
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