The Times reports Simon Nixon, co-founder and chief executive, has purchased his estranged business partner's Duncan Cameron's 42% stake in Moneysupermarket, clearing the way for a £1bn flotation of the company.
UBS, the investment bank, has been appointed with Credit Suisse, Moneysupermarket’s main financial adviser, to list the company on the stock market later this year. Nixon and Cameron founded the business in 1998 while Nixon was dating Cameron’s sister. However, Cameron stepped back from the business more than five years ago. The pair went their separate ways after reports of disagreements over strategy and management, and have not spoken since. The company is estimated to have made profits of £30m last year with a turnover of £1bn. The FSA is close to finalising its year-long study i...
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