 The site reunites long-lost friends |
The founders of the Friends Reunited website have abandoned plans to sell the site, opting instead for a management buy-in. In January, the creators of the site that reconnects friends who have lost touch said they were considering selling their business for �25m ($40m).
But Julie and Stephen Pankhurst have now decided to hand an equity stake to former FT dot.com veteran Michael Murphey in exchange for his management expertise.
Since its launch in August 2000, the site has signed up eight million members and become a household name among the 20- and 30-somethings.
Users can sign up for free and post details about their life, read about their former peers and spend �5 to contact their old acquaintances.
Matchmaking
Mr Murphey will be charged with hiring a finance and marketing director in order to prepare for the site's international expansion.
Friends Reunited is planning to double the number of users within the next few years and also branch out into a dating service.
Mr Pankhurst said that he had received several approaches for his firm before deciding to hang on to the website.
One-Minute World News 
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