FRP completes sale of Spire Payments’ UK business
We are pleased to have completed the sale of Spire Payments’ UK business out of administration in a deal that safeguards a number of jobs across the UK.
Spire Payments, which is a leading European EFTPOS terminal solutions provider headquartered in Salisbury, has been acquired by Castles Technology, a leading global payment solutions provider, which provides services to customers in more than 50 countries worldwide.
Geoff Rowley and Phil Armstrong from our Restructuring Advisory team were appointed as Joint Administrators to the company, with Matthew Flower and Robbie Wirdnam from our Corporate Finance team leading the sale process.
Following the acquisition of Spire Payments, Castles Technology is now well positioned to deliver additional market-leading payment solutions that simplify and enhance merchants’ businesses, from in-store acceptance services to value-added solutions.
The enlarged business will also continue to invest in Spire Payments’ technology to provide enhanced solutions for its customer base of merchants, retailers and local partners.
Matthew Flower, Corporate Finance Partner at FRP, said: “The deal with Spire Payments brings many strategic and operational benefits to Castles Technology and represents an exciting growth opportunity for the enlarged group as it looks to further extend its market share. Against very tough market conditions, and with the support of the excellent team at Spire Payments, we’re also very pleased to have delivered a transaction that secures a significant number of jobs and provides continuity for customers.”
Jean-Philippe Niedergang, Group CCO of Castles Technology, said: “I am delighted to welcome Spire Payments’ customers and new colleagues to the Castles Technology family. This acquisition represents an important strategic move for the future of our businesses, as we continue to evolve and innovate to provide merchants acquirers with future-forward payment solutions.
“This acquisition delivers a perfect match between the two companies, with complementary strengths bringing a new fresh approach to the payment market. Our collaboration will give customers unmatched choice, new technical capabilities, and enhanced security solutions to power their businesses forwards. Adding Spire Payments solutions and services to Castles Technology’s product portfolio provides a major platform for us to significantly expand our business reach into EMEA markets.”
Graham Lilleystone, Global Director of Operations at Spire Payments UK, added: “Joining Castles Technology was a natural, strategic fit for Spire Payments, as we already have a common customer-first philosophy, culture and innovative spirit.”
Selling a business
This deal represents an exciting growth opportunity for the enlarged group as it looks to further extend its market share.Matthew Flower Corporate Finance