After the love has died: Cupid has its heart broken by Tinder, oil prices drop and Go Compare sells for £190 million.

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After the love has died: Cupid has its heart broken by Tinder, oil prices drop and Go Compare sells for £190 million.
8th December 2014

Gideon explains why it’s heartbreak for match-making group Cupid Plc. The company, who just last year were earning revenue of £14million, has seen their income drop to almost nothing and has been sold for £3million. Competition from the rise of dating apps like Tinder has heavily contributed to Cupid’s demise. 

The company still have some money in the bank and are planning on turning into an investment company. 

Oil prices have slumped further, to $68 a barrel. Only two years ago, the price was twice that. The fall is deliberate as Saudi Arabia produces more and more quantities of oil to push the price down so they can contribute with new competition such as Shale Gas. It should help lower prices as the petrol pump. 

Go Compare has been bought for £190million by Esure. £44million of this will go to founder Hayley Parsons, who started the company from her kitchen table in Wales eight years ago. 

Ms Parsons will set down as chief executive after the sale goes through. Last year her company reported sales of £110million and pre-tax profits of £25million. The successful businesswoman said she will use her new found freedom to spend time with her children. 

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