An Post buys majority stake in gift card firm

An Post has invested €9m for a majority stake in Irish pre-paid gift card company the Gift Voucher Shop (GVS), It was announced today.

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.

The current management and staff of 50 will remain in place.

An Post Chief Executive Donal Connell described the deal as a long-term strategic investment.

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