Former marketing chiefs Duncan Horton and Stuart Parish have taken over the online classified site Freeads.

The site has the backing of Holiday Autos founder Clive Jacobs, who sold his company to in 2003 for £43 million.

Horton is to be chief executive of the company and Parish marketing director.

“This an exciting time to enter the online classified market,” said Horton, who aims to treble the volume of unique ads on the site to 150,000 per day in the next six months.