TIDMAPP
RNS Number : 4259Q
Appreciate Group PLC
28 June 2022
28 June 2022
Appreciate Group plc
Acquisition of MBL Holdco Ltd
MBL platform advances Group's technology plans by 18 months and
accelerates Corporate growth opportunities
Appreciate Group (the 'Group'), the UK's leading multi-retailer
redemption product provider to Corporate and Consumer markets, is
pleased to announce it has acquired the entire share capital of MBL
Holdco Ltd, a North East-based gift card technology provider to UK
businesses and consumers, from Redu Group Ltd.
MBL specialises in offerings which are complementary to
Appreciate's fast-growing Corporate business, including:
-- An end-to-end gift card processing and management service for retailers
-- A digital gift card mall enabling B2C and B2B customers to
purchase gift cards directly from a catalogue of over 160
high-street retailers
-- A SaaS offering, which is a fully white-labelled eCommerce
platform, enabling businesses to launch their own fully functional
gift card websites
The acquisition was completed on 24 June 2022 for an initial
cash consideration of GBP1.65m, with a further GBP1.8m deferred for
12 months dependent on certain criteria being met. The initial cash
consideration is being met from Appreciate's existing financial
resources. The acquired business operationally will be self-funded
and is expected to be cost-neutral to the Group.
The reasons for, and benefits of, the acquisition are summarised
below:
-- MBL's market-leading scalable platform capabilities
strengthen the Group's technology infrastructure, and thereby
accelerate its technology roadmap by approximately 18 months.
-- Leveraging MBL's platform provides immediate commercial
opportunities, whilst enabling the Group to realise growth
opportunities in its plans earlier.
-- MBL's offerings support the Group's aim to grow its SaaS
solutions, outsourced gift card programmes and bespoke
white-labelling of gift card websites for Corporate clients - all
key areas in its medium-term plans to drive further growth in its
Corporate business.
-- Integrating MBL's platform with the Group's existing
infrastructure provides cross-sell benefits and cost synergies, as
well as opportunities to improve front-end architecture and
customer journeys - making interactions easier for customers and
our products and services more competitive.
-- The MBL client base complements the Group's existing
Corporate and Retail client base and will offer additional
opportunities to extend and develop Appreciate's services within
these groups.
Ian O'Doherty, Chief Executive Officer, at Appreciate Group
commented:
"The acquisition of MBL rapidly accelerates the Group's
technology plans and immediately enhances our capabilities,
particularly in our Corporate business, where we are already
enjoying increased customer demand for our products. The MBL
platform will help us improve the competitiveness of our offerings
and bring forward opportunities that can deliver higher levels of
growth. We look forward to working with the MBL team to enhance our
proposition for our customers and create value for our
shareholders."
Adam Hobbs, Head of Retail Partnerships, at MBL, said:
"MBL becoming part of Appreciate Group is positive news for
customers and partners of both organisations. Both MBL and
Appreciate Group see clear opportunities to bring together each
other's technology and market position to enhance the services and
products they provide. The team at MBL is looking forward to
working with Appreciate Group to realise its plans."
Appreciate Group Liberum MHP Communications
plc (NOMAD and broker)
Ian O'Doherty, CEO Richard Crawley Reg Hoare
Tim Clancy, CFO Jamie Richards Katie Hunt
Charles Hirst
Andy Hammerton, Head
of Corporate Affairs Tel: 020 3100 2222 Tel: 020 3128 8193
Email: appreciategroup@mhpc.com
Tel: 0151 653 1700
Notes to Editors:
Appreciate Group is one of the UK's leading gifting, pre-payment
and engagement companies, and experts at creating joyful
experiences and connecting people to the things in life they enjoy
the most.
Everything Appreciate Group does is focused on creating more joy
in the world, and it is proud to be trusted to help its customers
create moments they can treasure and remember, whether they are
giving, celebrating or rewarding.
Appreciate Group is a financial services business with a wide
portfolio of brands which provide solutions for its consumer and
corporate customers. Its consumer-facing brands meet a range of
prepayment and gifting needs, while its business products help
corporate customers reward and recognise their employees and
clients.
Appreciate Group is home to many of the country's most-loved
gifting, pre-payment and engagement solutions including Park
Christmas Savings, highstreetvouchers.com and Love2shop, and we are
fast-becoming the home of digital innovation in gifting.
Whether it's saving towards the perfect family Christmas or
celebrating with gift cards and vouchers, we create and supply
products that millions of people trust when it comes to giving and
receiving with family, friends or colleagues.
Park Christmas Savings: As the UK's largest family Christmas
savings club, Park Christmas Savings has helped over three million
families budget for Christmas on a short-term or year-round
basis.
Love2shop: Love2shop offers gift cards and gift vouchers
available to spend at stores and attractions across the UK. They
are also used through Appreciate Business Services providing
corporate partners with incentives and rewards for their employees
and clients.
Appreciate Group plc's shares are traded on AIM, a market
operated by the London Stock Exchange.
The Park Prepayments Protection Trust is designed to increase
protection for customers' prepayments. The Trust has three
directors, two of whom are independent of Appreciate. Details of
the trust are set out here:
https://www.getpark.co.uk/CORPORATE/declaration.pdf
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END
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