Global payment platform PayPoint has completed the £83m acquisition of Appreciate Group, a deal that was first mooted in November 2022.
Liverpool-based Appreciate was founded by former Everton FC and Tranmere Rovers owner Peter Johnson and its brands include Love2shop, highstreetvouchers.com, Park Christmas Savings and Appreciate Business Services.
Appreciate was known as Park Group until 2019. It is probably still best known for its Park Christmas hampers, but long-since diversified into a wider range of physical and online savings products.
Major shareholders in Appreciate Group had included Artemis Investment Management, Harwood Capital LLP, Schroder Investment Management, Premier Miton Investors and Soros Fund Management, although its trading on AIM is currently suspended pending the takeover.
For its most recent financial year, to March 31, 2022, the group reported a revenue of £123.2m, and pre-tax losses of £1.2m for the six months to September 20, 2022.
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.”
Wiles added that he expects Appreciate to become earnings enhancing in FY24. 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.
