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Moneyextra to be sold for £26m

Moneyextra plc is announcing the proposed sale of its consumer web portal moneyextra.com to Great Western Financial Services for £26m.

Moneyextra says the move comes because additional investment would be needed to compete with competition from the well-branded institutional players in the market.

The group will focus on its strategy of becoming an e-commerce and solutions business with the aim of enabling other firms to distribute and sell personal finance services more efficiently.

Moneyextra chief executive Paul Lindsey says: “The technology and experience we have accumulated in creating a market-leading portal will help the enlarged group to build and power services for others.”

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