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
Residential Care Home features 39 bedrooms is up for sale. The home had average occupancy of 83.9 per cent in the year to July 2022. Offers invited.
FREEHOLD
Offering marquee hire from small to large this business services mainly the events industry, its own smaller marquee competitors and occasional work directly with individuals. They can support parties and weddings through to corporate dinners, festiv...
LEASEHOLD
Offering high quality marquees with a wide range of sizes. This offers a huge amount of flexibility which allows the company to cater for whatever customers require, from a small marquee in the back garden, to a marquee village, or perhaps catering f...
LEASEHOLD
21
|
Mar
|
Honey and gin maker set to appoint administrators but hopeful of business sale | ADMINISTRATION
The British Honey Company (BHC), an Oxfordshire-based produc...
21
|
Mar
|
Mergers and acquisitions firm Langcliffe International becomes employee-owned | MBO/MBI
Langcliffe International, a leading buy-side mergers & acqui...
21
|
Mar
|
Screwfix acquires appliance retailer out of administration | ADMINISTRATION
Trade retailer Screwfix, a subsidiary of Kingfisher group, h...
Sign up to receive our acquisition alert emails to get your FREE guide
07
|
Jun
|
GoCompare to be offloaded in esure division sale | DIVISION SALE
Insurance giant esure has launched a strategic review into i...
05
|
Nov
|
Go Compare to hit the market? | BUSINESS SALE
Insurance company Go Compare could be up for sale in the nea...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.