Deferred consideration re MoneySavingExpert
30 October 2015
Moneysupermarket.com Group PLC
Deferred consideration in respect of the purchase of MoneySavingExpert.com
Moneysupermarket.com Group PLC ("Company") announces the amount of the deferred consideration and employee bonuses payable three years after the acquisition of MoneySavingExpert.com ("MSE") in September 2012. As set out at the time of the acquisition, an additional final amount of up to £27m remains payable to Martin Lewis and certain MSE employees, the majority of which is based on the achievement of certain non-financial metrics and the remainder at the discretion of the Company.
The total amount of deferred consideration and employee bonuses payable is £20.6m, 76% of the maximum, which will be paid in cash. Of this amount, £19.2m is payable to Martin Lewis with the remainder due to certain MSE employees.
As announced on 30 July 2015, Martin Lewis has taken on the new role of MSE Executive Chairman since 22 September 2015. Martin Lewis commented:
"Over the last three years, MoneySavingExpert has continued to thrive and grow, cutting millions of people's bills and fighting their corner. I am as excited as ever for the future of the site. On the back of receiving this payment the charity, Citizens Advice, will receive another £1m. Also from my existing charity fund, both the Trussell Trust and the Personal Finance Education Group will get £500,000 to fund their important work in financial triage and education."
Darren Drabble
Company Secretary
This information is provided by RNS
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