An Post has taken a majority stake in the Gift Voucher Shop (GVS), an Irish pre-paid giftcard company which is also now trading in the UK. GVS was set up in 2002 and is the company behind the One4all brand.
An Post said the deal involved an investment of around €9m, in shares and loan notes, some of which will depend on GVS's future performance in the UK. The current management and 50 staff at GVS will remain in place.
GVS had sales of €52m in the Republic last year and this figure is expected to increase this year. As part of a recent strategic alliance with the British Post Office, the 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 described the deal as a 'long-term strategic investment'.
