Manchester firm set up by Moneysupermarket founder announces redundancies - with staff facing pay delay

A Manchester firm which was originally launched by the founder of Moneysupermarket.com has announced a number of potential redundancies.

Some staff members at Open Money, based in Manchester city centre, have been told they won't receive their salary today (April 28), after the company was taken over by new owners.

The business was set up to provide more accessible and affordable financial advice in 2016, by Duncan Cameron, the co-founder of Moneysupermarket.com.

READ MORE: Join the FREE Manchester Evening News WhatsApp community

Mr Cameron, who has previously appeared on the Sunday Times UK Rich List, set up the company with business partner Anthony Morrow - who left the firm in 2020 before returning at the start of the year.

Moneysupermarket.com was launched by Cameron and Simon Nixon in 1987. By 2015, Cameron was said to be among the wealthiest 25 people in Britain, worth around £132 million.

His newer venture, Open Money, had been in difficulty for some time, with financial accounts on Companies House from December 2021 showing the company had made a loss of over £8 million for that financial year.

One employee, who'd worked for the firm for a number of years, told the Manchester Evening News he'd received an email from bosses this week informing them the company had been taken over, and that they would see a delay to their April pay cheque.

They said he would likely be left out of pocket until the new owner's paid their salary, or they were able to find a new job.

The M.E.N understands that the company has been sold to entrepreneurs Will Mallard and Patrick Leahy. Mr Mallard describes himself as a social impact investor while Mr Leahy is a UK director of DeepInspire and co-founder of Geissen and Elva.

It is