PayPoint Tuesday announced the completion of its acquisition of leading gifting and engagement company Appreciate Group.
PayPoint has announced the deal in November last year, valuing Appreciate Group at approximately £83 million.
“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,” Nick Wiles, PayPoint chief executive, commented.
“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.”
Wiles added that the acquisition is expected to be immediately earnings enhancing in the 2024 financial year.
“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,” he said.
In connection with 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.
