Moneysavingexpert website sold for £87 million

Martin LewisSteve Parsons/PA Wire/Press Association Images

Martin Lewis, founder of the MoneySavingExpert website, has sold the site to for a reported £87 million. He will walk away with £35 million in cash and 22.1 million shares in the price comparison website.

It's not bad for something he conceived as a sideline.
According to figures from Forbes, with a £87 million payday - £35 million of it in cash - it means he will earn roughly the same as David Beckham this year.

The website has only been around since 2003, but with regular opinionated TV appearances and columns in national newspapers Martin Lewis has become a moneysaving celebrity.

His weekly newsletter goes to five million subscribers, and the site is said to have generated £15.7 million in revenue in the year to October 2011.

Spending it

He has said he will donate £10 million to charity - including £1 million to Citizen's Advice, which he says: "desperately needs it for debt advice as, shamefully, its public funding has been cut."

He will also continue on as editor-in-chief of MoneySavingExpert for the next three years, although he has already indicated that this may not be a permanent arrangement. He explained: "This is great news for and its users, ensuring, with or without me, the site will be around for many years to come, maintaining our ethos of 'cutting your costs and fighting your corner'."

In a statement on his blog he added: "After that, the door is open for me to carry on, and I hope to do so, though perhaps with fewer hours than now, so I can spend more time on my media work and other projects I'm passionate about. These include getting financial education on the curriculum."

He added: "I originally set the site up as a way to support my broadcasting work, and had no clue it would ever grow into the huge beast it now is."

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