The owners of the Daily Mail have expanded their web presence with the £22m purchase of Simply Energy Limited.
Daily Mail & General Trust Plc (DMGT) said the move would bring comparison site SimplySwitch.com into its online arm, Associated Northcliffe Digital (AND).
SimplySwitch provides comparisons of energy, telecoms, broadband, mobile and mortgage charges. Simply Energy, which operates the site, generated revenues of £4.1m for the year to the end of September, with earnings before interest and tax of £500,000.
DMGT said SimplySwitch will continue to operate independently, but will benefit from potential partnerships within AND and the wider DMGT group.
In a statement, Andy Hart, managing director of AND, said: “The fit with other group assets is strong, and we expect the business to work closely with a number of the group’s other businesses.
“SimplySwitch is also expanding its range of personal products, and will be a key component of AND’s personal finance offering, which already includes the UK’s leading independent personal finance site thisismoney.co.uk.”
With household energy costs rising and broadband ISPs offering an incredibly confused picture of their speeds, services and charges, the deal seems like an astute purchase.