Paypoint plc Acquisition

 
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: [phone] 
 
   Alan Dale, Finance Director (Mobile: [phone]) 
 
   Finsbury 
 
   0207 251 3801 
 
   Rollo Head/Nidaa Lone 
 
   (Email: [e-mail]) 
https://www.globenewswire.com/Tracker?data=Ho436ckotml8LppGvXBatTwi-mnPa1r_so8xCITYnokzdy6X5IXpX1Zdp_-dIzi5czqrvqWFLxoKjF6BYHrq2IG-10yA2rcJ8uCSfECS3sY= 
 
 
   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)

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