Universe Group acquires retail software developer Spedinorcon

Universe Group has acquired Spedinorcon, a developer and supplier of retail software, in a move to extend its customer base and enhance its technical expertise.

The developer and supplier of payment and loyalty systems said Spedinorcon supplies systems to 1,500 retail stores in the UK like Londis and Costcutter. It also co-owns the rights to a software where retailers can control the distribution of newspapers and magazines, the company said in a statement.

Chief executive Jeremy Lewis said: "Spedi's products, brands and market position within the retail sector are highly complementary to ours and its addition is strategically important to us.

"We have made good progress in extending Universe's presence within the sizable and growing convenience store market and Spedi further strengthens our position here."

FinnCap analysts believe the acquisition will improves the group's share of the convenience store market and widen its customer base and product range.

"We believe that this technology can be used to strengthen Universe's existing POS software offering," the broker added.

Shares were down 0.33% to 7.6p on Tuesday at 11:14.