PayPoint plc (the Company)
12 October 2017
PayPoint announces the completion of the acquisition of Payzone SA in Romania
PayPoint, the leading provider of payments systems to the convenience sector, announces it has completed the acquisition of Payzone SA. PayPoint has acquired the entire share capital of Payzone Romania for an initial consideration of €1.6 million payable in cash on completion, plus €0.5 million in deferred consideration contingent on the collection of specific debts over the two years following completion.
Payzone SA is a Romanian business offering prepaid mobile top-ups, prepaid vouchers, bill payment collection on behalf of utility companies and international money transfer services through its retail network, available in over 11,000 locations across Romania. Based on the completion accounts, Payzone SA had gross assets of € 9.1 million and profit before tax of € 0.1 million for the 6 months ending 30 June 2017.
The acquired business will be combined with PayPoint's existing Romanian retail network and will allow PayPoint to provide a significantly improved consumer experience through the offering of a broader range of services. PayPoint Romania will also realise operational efficiency benefits through the combination of the two businesses. Dominic Taylor, Chief Executive Officer of PayPoint plc, said: 'I am pleased we have completed the strategically important acquisition of Payzone in Romania. Its broad range of services and reach ideally complement our own Romanian business, and will help drive further growth in our retail network.'
Notes to editors
PayPoint has been operating in Romania since 2007 where it has more than 11,000 local shops, helping people to make cash bill payments, money transfers, road tax payments and mobile phone top-ups.
PayPoint operates in Romania through its subsidiaries PayPoint Services SRL and P.P. Network Progressimo SRL. Both PayPoint Services SRL and P.P. Network Progressimo are a wholly owned subsidiaries of PayPoint plc.
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We operate market leading national networks across 40,000 convenience stores in the UK and Romania so that our customers are always close to a PayPoint store. At these locations, as well as at home or on the move, people use us to better control their household finances, make essential payments and use in-store services, like parcel drop and collect.
Our UK network contains more branches than all banks, supermarkets and Post Offices together, putting us at the heart of communities for millions of regular weekly customers.
We have a proven track record of decades of tech-led innovation, providing retailers with tools that attract customers into their shops. Our recently launched PayPoint One platform offers EPoS, card payments and PayPoint services, and is designed to help retailers run their whole store from one device.
Coupled with our industry-technology solutions, we provide a first class service to the customers of over 300 clients - utility companies, retailers, transport firms, mobile phone providers, government and more.
We are on and offline; providing for payments by cash, card including contactless; retail, phone and digital; at home, work and whilst out and about from Land's End to the Highlands and Islands - helping to keep modern life moving.
MultiPay is our multichannel payment service, offering consumer service providers a ready-made solution for their full range of payments via app, web, phone, text and IVR, complementing our cash in store services.
Clients benefit from streamlining their consumer payment processing and transaction routing in a seamlessly integrated and cost effective solution. The services are available either as a full portfolio or by the client's choice of preferred channels. Clients can choose to access our services as a full outsourced model or by linking their own digital solutions to our MultiPay payment suite.
MultiPay is particularly targeted to serve the rollout of smart meters within the energy market. For example, our service has helped Utilita to become the fastest growing, challenger prepay energy supplier and we have also signed several other energy companies, including SSE, a Big 6 energy client. Among other relevant sectors, MultiPay is available to the local authority and social housing sectors through a framework with Procurement for Housing.
In the UK, our network includes 28,500 local shops including Co-op, Spar, Sainsbury's Local, Tesco Express and thousands of independent outlets. These outlets are quick and convenient places to make energy meter prepayments, bill payments, benefit payments, mobile phone top-ups, transport ticket payments, TV licence payments, cash withdrawals and more.
Our Romanian network continues to grow profitably. We have 11,500 local shops, helping people to make cash bill payments, money transfers, road tax payments and mobile phone top-ups. Our clients include all the major utilities and telcos and many other consumer service companies.
In the UK, our Collect+ network offers parcel collection and return services in 6,500 convenient outlets. Customers use Collect+ for their parcels from major retailers including Amazon, eBay, ASOS, New Look, John Lewis, House of Fraser, M&S and Very. The Collect+ brand is jointly owned with Yodel.
The UK network also includes 4,000 LINK branded ATMs, and 10,000 of our terminals enable retailers to accept debit, credit and contactless payments, including Apple Pay. We operate 4,000 Western Union agencies in the UK and Romania for international and domestic money transfers.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: PayPoint plc via GlobeNewswire
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