Money saving website sells for £87m
Filed under: News
MoneySavingExpert.com, which was set up by Mr Lewis in 2003 and now sends a weekly email to around five million subscribers, is to be bought by price comparison website MoneySupermarket.
Mr Lewis, who is well known as a television pundit on money matters, will receive £60 million upfront in a mixture of cash and shares and a further £27 million conditional on meeting targets over the next three years.
He plans to donate £10 million to charity from the deal, including £1 million to Citizens Advice, while he will retain full control over the website.
Mr Lewis said the deal, which needs the approval of MoneySupermarket shareholders, ensured the website would be around for many years to come.
He added: "MoneySavingExpert.com has become part of people's daily lives, far bigger than the man who founded it, and now is the right time for it to stand on its own two feet."
Mr Lewis said he chose Moneysupermarket because it is not owned by any product providers and had signed up to an editorial code which ensures the website's content will be free from commercial pressures.
He will stay as editor-in-chief for the next three years, with the help of Moneysupermarket's resources and the website's existing 42-strong staff.
"After that, the door is open for me to carry on, and I hope to do so, though perhaps with fewer hours than now, so I can spend more time on my media work and other projects I'm passionate about. These include getting financial education on the curriculum," Mr Lewis said.
© 2012 Press Association