A pair of card fee and terminal leasing companies look set to be snapped up by Welwyn-headquartered Paypoint in a deal price £70m.
The takeovers are of Handepay and Service provider Leases come at a time when card funds within the UK proceed to develop, with a major improve in utilization seen in the course of the ongoing pandemic.
The acquisition of Handepay specifically will create a mixed nationwide card funds operation serving greater than 30,000 SMEs, spanning the grocery, auto commerce, clothes, family items and hospitality sectors.
Chief business officer Mark Latham will be a part of the PayPoint govt board as card companies director, chargeable for the mixed playing cards portfolio, whereas gross sales director Ian Kennedy will undertake the identical function throughout each the PayPoint and Handepay groups, reporting to retail companies director Ben Ford.
Andy Peake will proceed as chief govt of Handepay till completion, and can then act as a guide to PayPoint.
Nick Wiles, chief govt of PayPoint, mentioned: “Our acquisition of Handepay and Service provider Leases will considerably improve our card funds functionality and broaden our SME buyer base.
“This necessary step refocuses PayPoint in the direction of a core progress space and creates synergies by way of cross promoting of different PayPoint companies and leveraging the dimensions of the mixed enterprise.”
Peake added: “I imagine we have discovered the correct dwelling in PayPoint to take us to the following stage of our progress.
“The entire staff are excited to be becoming a member of the PayPoint Group and benefiting from the dimensions, experience and market management that they’ve in-built omni-channel funds and know-how during the last 24 years.”
PwC undertook monetary and tax due diligence on behalf of PayPoint, whereas Freshfields Bruckhaus Deringer LLP acted as authorized adviser to the corporate.
PwC additionally acted as lead company finance adviser and JMW as authorized adviser to the shareholders of Handepay and Service provider Leases.