PayPoint has announced a £6.6 million investment in the Snappy Group home delivery businesses.
The new deal will see Paypoint acquire a stake in the Dundee-based businesses with PayPoint’s group chief executive, Nick Wiles, joining the Snappy Group board.
In May, PayPoint announced its partnership with Snappy Group, which will see its retailer partners given access to the Snappy Shopper platform in order to offer customers home delivery and click and collect options.
This commercial agreement, signed this week, is a firm commitment from PayPoint to offer more added value services and growth opportunities to its convenience retail partners.
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It also offers to help them expand the reach of their stores to more customers in their local communities.
“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,” Wiles said.
“This investment will enable PayPoint and our network of convenience retailer partners to remain at the forefront of retail and consumer trends.”
The Snappy Group co-founder Mike Callachan 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 businesses to offer another great service to their customers, and better compete in this fast-changing retail market.”
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