The UK cash and online payment operator PayPoint announced that it reached an agreement to sell its Romanian subsidiaries PayPoint Services and PayZone to the investment fund Innova Capital in a cash deal worth GBP 47 million (EUR 52 mln).

The company said it sold its Romanian operations to focus on the core markets in the UK in line with its strategy.

"We believe that Innova is the right owner to take these businesses forward, and we wish PayPoint Romania and Innova all the best in the future," said the PayPoint CEO Nick Wiles.

In the financial year ended March 31, 2020, PayPoint Romania generated revenues of GBP 69.7 mln (EUR 77 mln), an operating profit of GBP 7.3 mln (EUR 8.1 mln), and a pre-tax profit of GBP 6.8 mln (EUR 7.5 mln). The gross assets of PayPoint Romania stood at GBP 48.5 mln (EUR 53.4 mln) on March 31, 2020. PayPoint

Romania is the leading operator of cash payments and electronic charging through retail points.

In Romania, PayPoint officially launched its own-brand cash payment service in August 2008 and expanded its customer portfolio by partnering with several companies in various sectors.

Currently, the company has contracts with 165 customers in telecommunications, utilities, financial services, and more.

(Photo courtesy of the company)

andrei@romania-insider.com