LONDON: PayPoint has completed the acquisition of Handepay Limited and Merchant Rentals Limited, after receiving regulatory and other customary approvals.
The cash consideration for the acquisition is £70 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.