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Simple exit for Bridges
Bridges Community Ventures has netted a 22 times return on investment for its stake in SimplySwitch, following the sale of the business to The Daily Mail and General Trust. The media giant has agreed to pay £22 million for the household utilities and financial services price-comparison service provider.
Bridges initially backed then start-up SimplySwitch with a £125,000 cash injection back in 2002 and subsequently increased its cash commitment to £345,000 as the business evolved. At the sale price, the private equity firm received £7.5 million for this stake, leaving boss Philip Newborough in decidedly positive spirits.
‘We are delighted to have achieved such an excellent exit and congratulate the SimplySwitch management team on completing a successful sale,’ Newborough begins. ‘It has been exciting and rewarding to be involved in the growth and we believe that it will continue to flourish under new ownership.’
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