Michael Murphy, the former chief executive of social website Friends Reunited, has bought into e-commerce site Quidco.
Michael Murphy, the former chief executive of social website Friends Reunited, has bought into e-commerce site Quidco for an undisclosed sum.
The management buy-in (MBI) sees Murphy join founders Paul and Jennifer Nikkel as a co-owner of the company, which allows its members to save money on online purchases by giving them back the commission it earns by referring them to sites such as M&S, Argos and Tesco.
Now appointed executive chairman, Murphy says his priorities will be growing the membership and generating more deals from retailers.
Paul Nikkel comments, ‘[Murphy] has a proven record of building communities and is committed to maintaining the principles and transparency of the site.’
Murphy was chief operating officer at the Financial Times before joining Friends Reunited, which he sold for £175 million.
According to figures cited by Quidco, the site will return £25 million to members this year and generate sales of £250 million for its partners.