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.”
_____________________________________________________________
Related information:
Businesses for sale
This well-presented dental practice in East Yorkshire boasts three modern surgeries and operates entirely on a private basis, ensuring a strong and consistent income stream.
Opportunity to acquire a business specialising in specialised service tools for the automotive aftermarket with a nationwide reach.
This well-established business is a leading manufacturer and supplier of branded and contract packaged cleaning chemicals and janitorial detergents, catering to a diverse client base including nationwide cleaning and hygiene product suppliers.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.