Steve and Julie Pankhurst and co-founder Jason Porter have called in advisers from mid-tier firm BDO Stoy Hayward.
‘The incumbent management team [the founders] still runs the site from their bedroom, but it’s a large business now,’ explained Rob Mogford, BDO director of corporate finance. ‘They come from an IT background and don’t feel they’ve got the experience the business now requires.’
The founders own 85% of the booming site and are to decide whether to sell their business, float it on the stock market or to buy in an experienced management team.
Mogford said several offers have been made and he expects a deal in the next month or two. Regardless of what type of deal is struck, he stressed the owners are adamant to preserve the site’s non-exploitative character.
Friends Reunited invites people to sign up to their old school and post an update of what they’ve been doing with their lives. For a £5 membership fee, they can contact friends that have also registered on the site.
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