Money saving website sells for £87m

Personal finance journalist Martin Lewis secured his own multimillion-pound fortune today by agreeing the sale of his website for up to £87 million.

MoneySavingExpert.com, which was set up by Lewis in 2003 and now sends a weekly email to around five million subscribers, is to be bought by price comparison website MoneySupermarket.

Lewis, who is well known as a television pundit on money matters, will receive £60m upfront in a mixture of cash and shares and a further £27m conditional on meeting targets over the next three years.

He plans to donate £10m to charity from the deal, including £1m to Citizens Advice, while he will retain full control over the website.