MoneyExtra Sold for 1 Pound

MoneyExtra.com was quietly sold for 1 to Fairpoint Group. Moneyextra, once a powerful aggregator, was sold to the Lead Generation specialist last week. Moneyextra, based in Manchester and  founded in 1995 was once top of the crop in the financial services comparison market. Moneyextra chairman bought the group from AWD Chase de Vere in 2008

Moneyextra was recording an operating loss of 1m on 3m revenues. The initial price of one pound comes with a plan to invest 1m over the coming year to pay off debts and increase growth.

Fairpoint Group now own MoneyExtra, ClearStart and the most well known, Debt Free Direct

The income and expenditure review we undertake with customers gives us a clear insight into where customers can reduce their bills and the addition of Moneyextra to the group provides us with a clear way of delivering savings to customers on a range of product and services.
Chris Moat, CEO of Fairpoint

This is an exciting deal for Moneyextra and our team. The natural synergies and shared market knowledge between the two companies will enable us to help more consumers improve their finances and for the group to compete on a profitable footing at a time when the price comparison market is commoditising.
Simon Taylor, Moneyextra chairman