Managing director John Paleomylites offered £2m credit facility to aggregator prior to Google’s £37.1m acquisition

BeatThatQuote

Super-rich Google paid £37.1m for BeatThatQuote despite a year-end loss of £262,705 loss and a shareholders’ deficit of £1.7m, latest accounts show.

The accounts ending January 2011 also reveal that founder and managing director John Paleomylites offered a £2m credit facility to the firm, of which £500,000 was drawn down. Including interest, £545,836 was eventually paid back.

The bright spot for BeatThatQuote is that it reduced its after-tax loss to £262,705 from £2m in 2010.

Turnover was also up £13.7m (2011) from £8.4m (2010). Google paid £37.1m for BeatThatQuote in March last year.

Google was unavailable for comment.

Click here to read our investigation looking at Google’s foray into the price comparison market.

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