PayPoint has completed a £83m deal to take over the Christmas savings group founded by former Everton FC and Tranmere Rovers owner Peter Johnson.
Liverpool-headquartered Appreciate Group's brands include Love2shop, highstreetvounchers.com, Park Christmas Savings and Appreciate Business Services and had been listed on AIM.
Appreciate was known as Park Group until 2019 and is best known for its Christmas hampers but has long diversified into a wider range of savings products.
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The completion of the deal comes after it was first revealed in November 2022.
Major shareholders in Appreciate Group had included Artemis Investment Management, Harwood Capital LLP, Schroder Investment Management, Premier Miton Investors and Soros Fund Management.
Nick Wiles, chief executive of PayPoint, said: "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.
"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."
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.
Talha Ahmed, former interim chief financial officer of Appreciate Group, has been appointed as finance director of the Appreciate business.
Guy Parsons, former executive chairman of Appreciate Group, has also been appointed as a non-executive director of PayPoint from March 23.
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