Online firm Scoot.com has bought the classified advertising paper Loot for about £190m.

The deal means a £60m windfall for Loot's chairman and founder, David Landau (50).

He launched the first Loot in London in 1985 and it quickly became the bible for people looing for flats or second-hand bargains. There are now 28 editions across the UK and Ireland, with a total weekly circulation of 280,000.

Scoot.com provides online directories and information through the Internet and interactive digital TV.

The deal marks Scoot's first expansion into traditional print media. Chief executive Robert Bonnier said it took the company closer to its ambition of creating a Europe-wide classified information service.

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