PayPoint has taken full ownership of the Collect+ parcel network, following a deal with carrier Yodel.

PayPoint Collect+ Service

Collect+ was set up as a joint venture between PayPoint and Yodel in 2009, and the payment systems company has now acquired the 50% of shares that were previously owned by Yodel.

The agreement reaffirms the long-term partnership between the two companies, with Yodel committing to a multi-year contract to continue as a parcel carrier for Collect+. PayPoint will continue to increase the capacity of the Collect+ network, the company maintained.

Nick Wiles, executive chairman of PayPoint, said: “This is an extremely important moment for Collect+ which has grown substantially to become the UKs biggest parcel network working with major carriers such as DHL, FedEx and Yodel and retail giants such as Amazon and eBay.

“We look forward to continuing to work closely with Yodel on behalf of our retailers and the millions of customers who rely on the Collect+ service.

“There is substantial opportunity for further expansion – both in terms of the partners we work with and the numbers of outlets we have. We are very excited about the future of Collect+.”