Belfast Telegraph

Website founder's stake nets £170m

by John-Paul Ford Rojas

Co-founder of price comparison website moneysupermarket.com is to net a £170m windfall by cashing in a 15% stake in the firm.

Simon Nixon (45) is selling 80 million shares in the first major disposal of his stock since the price comparison website floated in 2007.

It is the latest boost in the personal wealth of the entrepreneur, a university dropout turned financial adviser who banked a £103m fortune when the business went public.

Nixon launched the site in 1999 following the success of an earlier mortgage sourcing company.

He had previously quit Nottingham University because he found his accountancy course boring.

Moneysupermarket co-founder Duncan Cameron sold his stake in the business in 2007 for £162m ahead of the flotation.

Nixon is now switching to more of a backseat role, after stepping down as chief executive in 2008 and in April moving from executive deputy chairman to a non-executive position.

Moneysupermarket recently posted a 30% rise in pre-tax profits to £31.5m.

Belfast Telegraph

Popular