Wed, 10 Dec 2014 | BUSINESS SALE
Price comparison site Gocompare.com is to be bought by Esure in a £95 million deal.
The deal will see Gocompare’s founder and chief executive Hayley Parsons exit the business after setting it up from her kitchen table eight years ago. She will pocket £44 million for her 23 per cent stake from the sale, but will be subject to capital gains tax.
Insurance business Esure already owns half of Gocompare after buying into the company in 2010.
The Newport-based business has become a household name partly thanks to the Italian tenor character called Gio Compario who features on its advertising.
It is expected that the deal, which will value Gocompare at £190 million, will be approved by the regulators early next year.
The business is to remain at its base in Newport, Wales, with its 220-strong workforce headed by Jon Morrell, the current managing director of Esure.
Sales at Gocompare reached £110 million for the year to 31 December 2013 – a rise from £105 million for 2012, with pre-tax profits of £25 million – increased from £24 million in 2012.
The two businesses are to be kept separate when it comes to partnership and comparison services, Stuart Vann, Esure’s chief executive confirmed. Despite this he said, “I believe that there are significant opportunities available for Gocompare.com to grow revenues and profitability over the medium to long term.”
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