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UPDATED: Payzone bosses return after injunction

Payzone’s chairman Bob Thian, previously chairman of Cardpoint, will assume executive responsibility for the company with immediate effect.

The board acknowledged Nagle and Williamson’s contributions to the development of the company, and in particular to the strategic positioning of the business for growth following the merger last year between the Irish payment firm alphyra Holdings Limited and the British firm Cardpoint.

Balderton Capital, Payzone’s largest shareholder which owns 40.5 per cent of the shares of the company, supports the decision of the board and has agreed not to sell any of its shares in the market for at least six months.

Thian said that Nagle and Williamson have created a strong platform for growth at Payzone (LSE:PAYZ), but that the company had now reached a stage of its development where a different set of skills was required

“There are a number of excellent managers at Payzone and I look forward to working with them to realise the great potential of this business” Thian added.

Payzone is the largest branded independent network of retailer payment outlets in the UK with a network of over 30,000 locations.

The company saw a 42 per cent drop in its share price drop over recent weeks, from its flotation at 76p on 5 December 2007 to just 43.5p last Friday. The 30 per cent stake in Payzone, which Irish investors hoped to sell for €150 million late last year, is now worth about €53 million.

In the months before last year's merger the newly formed company was estimated to be valued at anything between  €400 and €700 million. It's current value is £143.8 million (€190.3 million).

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• Payzone plc