Source: Nasdaq GlobeNewswire / 04 Feb 2021 02:00:00 America/New_York
4 February 2021
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulation
(“PayPoint” or the “Company”)
PayPoint completes the acquisition of Handepay and Merchant Rentals
Step change in execution of growth strategy in UK, delivering enhanced opportunities and broadening of payment capabilities
Further to the announcement of 5 November 2020, PayPoint is pleased to announce that it has completed the acquisition of Handepay Limited (“Handepay”) and Merchant Rentals Limited (“Merchant Rentals”), after receiving regulatory and other customary approvals. The cash consideration for the acquisition is £70 million on a cash free debt free basis, after closing balance sheet adjustments.
The acquisition of Handepay/Merchant Rentals significantly enhances PayPoint’s existing cards business, with a 30,000-strong SME customer base, access to new sectors including food services, garages and hospitality and the opportunity to accelerate the growth of the combined business in a growing cards market through clear operational initiatives, cross selling opportunities and synergies.
The strong and experienced management team join the PayPoint Group, bringing a wealth of industry knowledge. Mark Latham, formerly Chief Commercial Officer at Handepay, joins the PayPoint Executive Board as Card Services Director, responsible for the combined cards portfolio. Ian Kennedy, formerly Sales Director at Handepay, joins the business as Sales Director leading both the PayPoint and Handepay sales teams, reporting to Ben Ford, PayPoint’s Retail Services Director. Andy Peake has stepped down as CEO and will now act as a consultant to PayPoint.
Except as disclosed above, there has been no significant change affecting any matter contained in the announcement of 5 November 2020 and no other significant new matter has arisen since that announcement which would require disclosure.
For further information please contact:
01707 600 300
Nick Wiles, Chief Executive (Mobile: 07768 636801
Alan Dale, Finance Director (Mobile: 07778 043962)
0207 251 3801
Rollo Head/Nidaa Lone
For tens of thousands of businesses and their customers, we make life and payments more convenient.
For retailers in the UK and Romania, we offer innovative and time-saving technology that empowers them to achieve higher footfall and increased spend so they can grow their businesses profitably. Our innovative retail services platform, PayPoint One, is now live in over 17,000 shops in the UK and offers everything a modern convenience store needs. More broadly, we also provide card payments services to thousands of growing businesses across the food services, garage and hospitality sectors. Our technology helps companies to serve customers quickly, improve business efficiency and modernise their operations.
For clients of all sizes, we also provide market-leading payments technologies without the need for capital investment. Our seamlessly integrated omnichannel solution – MultiPay – is a one-stop shop for digital and other customer payments, via any channel and on any device.
Together, these solutions help millions of consumers to control their household finances, make essential payments and access services like cash withdrawals, eMoney and parcel collections and drop-offs. Our UK network of more than 27,700 stores is bigger than all banks, supermarkets and Post Offices together, putting us at the heart of communities nationwide.