took the role of chairman while Louis Letourneau, who had run Rainbow Finance, became managing director. The market value of the new company was £20 million, and Massow predicted that turnover would rise from £2 million per annum to over £3.5 million. However, within one year the firm ran out of money and was placed in receivership. Both Massow and Letourneau blamed each other for the firm's demise. Massow bought the company back from the receiver for about £1.5 million and subsequently re-established it. Jake In 2001 Massow set up Jake, an online social networking site for gay professionals. Allied Dunbar and Zurich Between 2003 and 2004 Massow was director of another financial adviser firm, this time a tied agent of the Zurich Advice Network (previously Allied Dunbar). Massow had previously campaigned against what he saw as Allied Dunbar's anti-gay underwriting practices, but he claimed that "they've moved on and, for the sake of my customers, so must I [...] if other gay financial advisers think they're doing the best for their customers by blackballing all the companies that were once out of line (there were about eight of them) when it came to gay issues – then their priorities are very strange. Financial advice is about getting the best product – not petty grudge bearing." Massow accepted a transitional loan of £330,000 to enable office relocation and staff training. However the arrangement was short-lived and ironically ended after a dispute between Massow and Zurich over Zurich's approach to insuring the gay clients in which the firm specialised. A long £13 million legal case followed which was settled out of court. Pay Me My In September 2011 Massow set up Pay Me My, a trading name of Massows Limited, which offered customers a rebate of 80% of the 'trail' commission paid to their existing advisers if the customer switched their insurance, pension and investment policies to the agency of Pay Me My, who would take 20% as their fee. Massow defended the business model of the firm from suggestions that it would not be viable following changes to financial regulation in the UK due to start on 1 January 2013; however, it ceased trading in August 2013 when the government banned commission rendering its services obsolete. The firm informed its clients that, should they choose to remain with the company, all future trail commissions would be retained and not rebated.