MoneySavingExpert founder receives £19.2m

Stephen Chapman's picture
by Stephen Chapman

Moneysupermarket in Cheshire has announced that Martin Lewis will receive a £19.2m windfall, following the acquisition of his firm, MoneySavingExpert in 2012.

As part of the original deal, there was a deferred payment available to Lewis and certain members of his team.

Up to £27m was put aside, with the majority of this based on the achievement of “certain non-financial metrics” and the remainder at the discretion of the company.

In an announcement to investors, MoneySuperMarket confirmed that the total “deferred consideration” and employee bonuses amounted to £20.6m, or 76% of the maximum allowed. This would be paid in cash.

"Over the last three years, MoneySavingExpert has continued to thrive and grow, cutting millions of people's bills and fighting their corner.  I am as excited as ever for the future of the site,” said Lewis.

“On the back of receiving this payment the charity, Citizens Advice, will receive another £1m. Also from my existing charity fund, both the Trussell Trust and the Personal Finance Education Group will get £500,000 to fund their important work in financial triage and education."

Lewis was made executive chairman of MoneySavingExpert in September.

Enjoyed this? Get our latest updates in your inbox every day

Subscribe to Prolific North’s morning newsletter to keep up with all the most important things going on in your sector.