The former chief executive of Friendsreunited.com, Michael Murphy, recently led a management buy-in of Quidco, a cashback and voucher-code website. The business works by directing its members to retail websites, which pay the company a commission on everything subsequently bought there. Quidco then redirects this money back to the purchasing members, saving them a percentage of their transaction. The company claims there are now 1m members signed up who save on average £250 per year. Initially aimed at the student market, the money-saving climate of the recession has widened its appeal. Sales, which represent the total value of facilitated transactions, grew by 63% a year, from £7.5m in 2007 to £32.1m in 2010.
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