PayPoint settles on flotation move

BILL payments system PayPoint is floating on the stock market only months after it was sold by BT and London Electricity.

The Weinstock and Rothschild families are the main sellers of the 15.7m shares coming on to the market at 192p.

The two dynasties will remain the largest shareholders, retaining about 30% of the £129m company between them.

Convenience stores use PayPoint to let customers pay energy bills, pre-pay mobile phones and the London-congestion charge. The system's bright yellow terminals can be found in some 14,300 outlets and in the year to last March, they handled approximately 204m payments, totalling a staggering £2.3bn.

Profits last year were £8.1m on gross revenue of £67.1m.

Chief executive and former Royal Navy submariner Dominic Taylor said the flotation, which is raising no new money for the company, would give it a higher profile and help win new customers.