Paypoint plc Acquisition
04 February 2021 - 6:00PM
UK Regulatory
TIDMPAY
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 plc
("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 GBP70 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:
Enquiries:
PayPoint plc
01707 600 300
Nick Wiles, Chief Executive (Mobile: 07768 636801
Alan Dale, Finance Director (Mobile: 07778 043962)
Finsbury
0207 251 3801
Rollo Head/Nidaa Lone
(Email: Paypoint@finsbury.com)
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ABOUT PAYPOINT
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.
(END) Dow Jones Newswires
February 04, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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