The business was founded by Oliver Ragg
who has rapidly developed a successful travel portal business.Having graduated from the University of Birmingham with an Honours Degree and PhD in 1994, Oliver has held senior technical roles at both Honeywell Electronics and, more recently, Gold Medal Travel Group prior to establishing Flight Comparison in 2003.Oliver has entered into a three year employment agreement with the Company to continue as Managing Director of Flight Comparison.
The total consideration for the acquisition of the Company is comprised of an initial payment of ,270,000 and an earn out consideration equating to 25% of adjusted pre tax profits generated over the three year period ending 30 September 2009.These further payments are capped at a total of ,0.5 million.
The Company is also making an additional payment of ,205,000 for the fair value of the Company's assets and liabilities, which on acquisition is ,215,000, including ,175,000 cash.
As further consideration Oliver Ragg
has been granted warrants to subscribe for 500,000 shares in Media Corporation plc
at a price of 6 pence per share.
...Oliver Ragg, Managing Director, Flight Comparison said.