PayPoint partnered stores could be given access to new shopping voucher sales opportunities through the firm’s proposed takeover of gift voucher provider Appreciate Group

A statement released on 7 November by PayPoint announced the acquisition, valuing the the shares of Appreciate Group PLC, provider of Love2Shop, Park Christmas Savings and HighStreetVouchers.com services at £83m.

Appreciate Group’s directors and advisors have endorsed the offer, with shareholder votes on the deal to follow. The acquisition is expected to conclude “in the first half of 2023”.

PayPoint chief executive Nick Wiles suggested the deal could give PayPoint stores access to Appreciate Group brands, stating it would create an “enhanced retail proposition” across its network of 28,000 convenience stores.

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According to Wiles, two of the three major opportunities of the takeover bring potential benefits to PayPoint stores, these included Appreciate Group’s Park Christmas Saving Schemes, which helps customers save for events such as Christmas through prepaying for shopping vouchers to be redeemed later in the year. The other opportunity highlighted was making the firm’s well-known Love2Shop vouchers available to buy through PayPoint’s retail network.

Wiles said the acquisition was a “compelling opportunity to acquire a highly complementary business”. Wiles added the deal would create an “enhanced retail proposition” across its network of 28,000 convenience stores.

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