Price comparison business Moneysupermarket.com Group has agreed terms to acquire the UK’s second-largest consume cashback business for up to £101m. It will buy 100 per cent of the issued share capital of Maple Syrup Media Ltd, which trades as Quidco. The business posted revenues of £59.2m for year ended 31st July ’21 with a pre-tax profit of £7.6 million.
Quidco operates from Sheffield where it employs a team of around 100 employees. It boasts a million users for its cashback deals with over 4000 merchants spanning retail, travel and switching services.
Moneysupermarket.com Group will pay an initial consideration of £87m in cash with a further £14m deferred.
Peter Duffy, chief executive at Moneysupermarket Group, said: “Moneysupermarket Group exists to help households save money. Today we’ve added a broad and compelling cashback offer. We welcome Quidco: a profitable, successful business, with strong consumer engagement and high growth potential.
“We have experience of bringing complementary businesses into the group and helping them thrive while sharing their capabilities more widely. Our growing stable of well-known and trusted consumer brands will provide households with an even more compelling savings offer. We look forward to working with Quidco to deliver this.”
Paul Nikkel, founder and co-chief executive at Quidco, added: “As an early pioneer of cashback, Quidco has continually innovated to bring more cashback to more members. We are excited to continue this journey within Moneysupermarket Group which opens up more opportunities and savings for members.”
Founder and co-chief executive Paul Nikkel will take up an advisory role within the group, with fellow co-CEO Tim Gibson leaving the business when the deal completes on 1stNovember 2021.
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