Moneysupermarket acquires Local Daily Deals website
Price comparison website Moneysupermarket.com has bought 51% of the Local Daily Deals website for an initial consideration of £1m, rising to a total consideration of up to £11m payable over 3 years depending on the achievement of certain financial targets.
Revealed in Moneysupermarket.com’s Interim Management Statement for the third quarter, the deal went through on 31 August, which also revealed that the company has supplied a working capital facility of £0.5m repayable on demand, with related expenses of approximately £0.1m to be expensed in the year.
Moneysupermarket.com said in the statement: “LDD owns and operates a website and technology platform that features discounted retail offers from local and national companies. The website has been integrated into the Moneysupermarket.com website and will allow the Group to promote these services to its large customer database. The Group expects to be able to partner with national brands to offer customers exclusive deals not available through similar websites.”
Peter Plumb, chief executive of Moneysupermarket.com, said: "Moneysupermarket.com continues to make good progress. Revenues in the third quarter were 14% ahead of the same period last year – which itself was a tough act to follow. We saw solid growth across our Money, Insurance and Home Services businesses as consumers continue to seek to make the most of their money in what is still a very challenging environment.
"The recent acquisition of Local Daily Deals will further widen our offering, helping customers to save more money through local and national deals with retailers.”