Friends Reunited sale could net £120m
Friends Reunited was today said to have appointed advisers to help review its options, in a move that could lead to a sale worth up to £120m (€172m).
The internet operation that brings old acquaintances together has reportedly been working with a corporate finance media specialist for several months.
The Sunday Times said the options could include a trade sale “in the medium to long term” or the sale of a strategic stake.
No-one from Friend Reunited was available to comment today, although a spokesman told the newspaper that there was “no formal arrangement” with the corporate finance firm Long Acre.
Friends Reunited was founded in 2000 and now has more than 10 million registered members. Steve and Julie Pankhurst, the husband-and-wife team who set up the website with business partner Jason Porter, will be the main beneficiaries of any sale.
The Sunday Times said Friends Reunited’s latest accounts, filed at Companies House, showed it continued to perform strongly with 2004 profits of £4.6m (€6.6m).
