PayPoint has confirmed that its acquisition of Appreciate Group has now completed.
Announced on 7 November 2022, the boards of directors of PayPoint and Appreciate Group revealed that they had reached agreement on the terms of a recommended offer for the group, which includes Love2shop, highstreetvouchers.com, Park Christmas Savings and Appreciate Business Savings.
As part of the acquisition, Julian Coghlan, former Interim chief executive of Appreciate Group, has been appointed to the executive board of PayPoint as managing director of the Appreciate business and Talha Ahmed, former interim chief financial officer of Appreciate Group, has been appointed as finance director of the Appreciate business, with immediate effect. Guy Parsons, former executive chairman of Appreciate Group, has also been appointed as a non-executive director of PayPoint with effect from 23 March 2023.
Commenting on the completion of the deal, chief executive officer of PayPoint, Nick Wiles, said: “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.
“The acquisition is expected to be immediately earnings enhancing in FY24 and the Board believes it will deliver attractive returns for shareholders, with the enlarged Group targeting further growth in three broad areas: prepayment saving through Park Christmas Savings to support customers with budgeting tools for Christmas and other events; 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.”
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