An Post takes €9m GVS majority stakeholding
3 December 2009
The deal involves an investment in the region of €9 million made up of equity and loan notes, an element of which will be determined by the future performance of the GVS operation in the UK. The current management and staff of 50 will remain in place.
GVS had sales of €52m in the Republic of Ireland in 2008 and this figure is expected to increase this year. As part of a recent strategic alliance with the British Post Office, the expanding company has secured five years exclusive access to 12,000 UK Post Offices and 8,000 pay station outlets.
An Post Chief Executive, Donal Connell describes the deal as a long-term strategic investment, in line with the company’s ongoing drive to broaden its revenue base and build new channels for future product development in the retail business.
“Pre-paid financial products are a strong growth sector in the consumer retail market. An Post and the Gift Voucher Shop have always been closely aligned, given the volume of sales through our 1250 post offices. As a market leader with unrivalled growth, GVS has significant synergy with the An Post brand and retail offering. We are looking to drive growth at home and abroad and to build the product range,” he said
Michael Dawson, GVS Group CEO says the investment gives GVS opportunities to further innovate in the prepaid market and fully develop the potential of existing markets. “This partnership with An Post also consolidates our association with Post Office-based retailing and channels through which we will achieve future growth. GVS will benefit hugely from An Post’s retail expertise, reputation and brand strength”.
Media contact:
Anna McHugh, An Post: (01)705 8832 / 086 2530697
Notes to editor:
An Post is a commercial semi-state company providing a broad range of postal, distribution and financial services to Irish business and personal customers though its national mails collection, processing and delivery network as well as its 1250 post offices and 200 postal agents nationwide.
The Gift Voucher Shop Ltd (GVS) was established in 2002 and is the company behind the One4all brand. Their vision is to provide the ultimate choice, convenience and flexibility in gifting. GVS is now Ireland’s leading supplier of gift cards and gift vouchers in the public and corporate markets GVS with links to more than 950 of Ireland’s leading shops and services with 4,500 outlets nationwide, including Marks and Spencer, Arnotts, Argos, Brown Thomas, Champion Sports, Debenhams, Easons and HMV.
