Quidco founders are quids in after agreeing to sell business to Moneysupermarket for £87m
The couple behind the UK’s first cashback site are in the money after selling their business for £87million.
Canadians Jennifer and Paul Nikkel each owned up to half of Maple Syrup Media, which trades as Quidco.
They yesterday agreed to sell to price comparison site Moneysupermarket, netting them each as much as £43.5million.
Windfalls: Canadians Jennifer and Paul Nikkel each owned up to half of Maple Syrup Media, which trades as Quidco
The site was launched by the couple as students in 2005 in Sheffield, where it has around 100 employees. They are now based in Malta, according to Companies House.
Quidco directs shoppers to websites where they are given cashback on purchases, collecting a commission which makes up most of its revenue.
It works with 4,500 merchants including B&Q, Jack Wills and John Lewis. In the year to August it made £7.9million profit on revenue of £59.2million.
Moneysupermarket said buying Quidco will expand its ability to help households save money.
It announced the takeover as it reported that revenues in the three months to October were down 10 per cent on the same period a year earlier.
Moneysupermarket shares rose 9 per cent.