PayPoint invests £6.6m in the Snappy Group

PayPoint has announced a £6.6 million investment in the Snappy Group home delivery business.

The deal will see PayPoint acquire a stake in the Dundee-based firm with PayPoint Group’s chief executive, Nick Wiles, joining the Snappy Group board.

The investment follows the announcement last month of a partnership between the two brands, in which PayPoint One EPOS customers will be given access to the Snappy Shopper platform, and with it the ability to offer home delivery and click-and-collect options to local shoppers.

The deal, which was signed this week, is a part of PayPoint’s wider plan to offer more added value services and growth opportunities to its convenience retail partners.

“We’re delighted to be investing into the Snappy Group business, building on the partnership that we announced recently to integrate their home delivery and click and collect technology with our own,” said Nick Wiles, chief executive, PayPoint. “This investment will enable PayPoint and our network of convenience retailer partners to remain at the forefront of retail and consumer trends.”

Mike Callachan, co-founder of the Snappy Group, added: “Demand for the fundraise exceeded our expectations and we are pleased to have attracted such high-profile investors. Post lockdown the demand for home delivery and the desire to shop locally is greater than ever, but the increasing number of anonymous dark stores is a threat to local businesses and communities, which must not be underestimated. We are well placed to empower local business to offer another great service to their customers, and better compete in this fast-changing retail market.”

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