Money saving expert Martin Lewis sells website for £87 million

Consumer expert and JC columnist Martin Lewis has sold his popular money saving website for a staggering £87 million.

Mr Lewis set up moneysavingexpert.com for just £100 in 2003 and has agreed a deal with the Moneysupermarket brand.

He has pledged to give £10m to charity, including at least £1m to cover cuts enforced at Citizens' Advice. The website’s 42 staff members are also set to share the profits from the sale.

Mr Lewis will retain full control and remain as editor-in-chief of the site, which attracts 13m visitors every month.

The deal includes an agreement for Mr Lewis to receive between £35m and £60m in cash immediately, with further payments coming as shares and based on targets set for the future.

Mr Lewis said he would eventually reduce the amount of time he spent working on the site, and would increasingly concentrate on his media work and efforts to have financial education included in the national curriculum.

A former Celebrity Mastermind champion, Manchester-born Mr Lewis said the sale was “great news” and would ensure the site’s long-term survival.

Last updated: 2:45pm, June 1 2012