The board of PayPoint plc (LON:PAY) today announced the completion of the acquisition of Appreciate Group.

Nick Wiles, Chief Executive Officer of PayPoint, commented:

“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 deal, which was initially announced in November 2022, is expected to be immediately earnings enhancing in FY24.

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 2023. In accordance with Listing Rule 9.6.13, it is noted that Guy Parsons was Chief Executive Officer of easyHotel plc between 2015 and 2019.

In accordance with the terms of the Scheme, applications have been made to the FCA and the London Stock Exchange for the New PayPoint Shares to be admitted to the premium listing segment of the FCA’s Official List and to trading on the Main Market of the London Stock Exchange.

It is expected that admission of the New PayPoint Shares will become effective at 8.00 a.m. on 1 March 2023. The New PayPoint Shares will, when issued, be credited as fully paid and will rank pari passu with the existing PayPoint Shares.