PayPoint completes takeover of Appreciate Group
By Josh White
Date: Tuesday 28 Feb 2023
(Sharecast News) - PayPoint announced the successful completion of the acquisition of Appreciate Group on Tuesday, having first announced the plans on 7 November last year.
The acquisition was carried out via a court-approved scheme of arrangement.
PayPoint said the acquisition was expected to be immediately earnings enhancing in the 2024 financial year, with the board saying it would deliver attractive returns for shareholders.
It said the enlarged group would target further growth in three broad areas, including prepayment saving through Park Christmas Savings, an enlarged full-service offering for gifting, employee rewards, and benefits to Appreciate Group's corporate clients, and an extended consumer gifting network for the Love2shop brand.
In connection with the acquisition, former Appreciate interim chief executive officer Julian Coghlan had been appointed to the PayPoint executive board as managing director of the Appreciate business.
Talha Ahmed, former interim chief financial officer of Appreciate, had been appointed as finance director of the Appreciate business immediately, and Guy Parsons, former Appreciate executive chairman, had also been appointed as a non-executive director of PayPoint from 23 March.
"We are delighted to have completed the acquisition of Appreciate Group and to welcome all employees to the PayPoint group, including Julian Coghlan and the wider leadership team who bring a wealth of experience and expertise to our business," said PayPoint chief executive officer Nick Wiles.
"Work on integration is already underway, with an immediate focus on organisational alignment, building on the strong momentum in both businesses and unlocking commercial revenue enhancements."
At 1622 GMT, shares in PayPoint were down 1.02% at 485p.
Reporting by Josh White for Sharecast.com.
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