GoCompare to buy MyVoucherCodes in £36.5m deal

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Price comparison website GoCompare is buying discount codes site MyVoucherCodes, one of the UK's largest online voucher code sites, in £36.5m deal.

GoCompare, known for its adverts featuring fictional Italian tenor Gio Compario, said that the acquisition will be be financed through a combination of existing cash resources and an extension to GoCompare's existing credit facilities.

MyVoucherCodes.co.uk has around eight million email subscribers and a website which receives around 45 million annual visits. It works with more than 3,000 retail brands and generated £350m of retailer revenue in the year to the end of June.

GoCompare said that the tie-up would bolster its mission to “help people everywhere save time and money”.

“We are making strong progress towards our ambition to become the 'go-to' place for savvy savers to find great deals, and for service providers to reach and acquire customers,” said Matthew Crummack, chief executive officer of GoCompare.

“I am looking forward to MyVoucherCodes playing a valuable role within the group and providing us with the potential to help even more people, more often," he added.

The group also said that it anticipates the deal will be earnings accretive in 2018 and that it expects the existing MyVoucherCodes management team to remain with, and continue to lead, the MyVoucherCodes business.

GoCompare was spun out from esure and listed on the London Stock Exchange in November 2016.