The Cardsave Group, the UK’s leading independent supplier of credit card terminals and services to independent retailers, has unveiled ambitious plans to increase its transaction levels by over £1bn a year within three years. The announcement comes as Cardsave completes a deal, for an undisclosed sum, to buy the UK terminal hire business of global data communications company Transaction Network Services (TNS). This business provides terminals to primarily petrol stations across the country.

The acquisition marks the start of an aggressive growth strategy being launched by the Grimsby-based firm, which aims to see a 40 per cent increase in customers in the next three years. Cardsave currently provides credit card processing services to 36,000 customers who, between them, take more than £2.7bn in card payments a year.

Clive Kahn, Chief Executive of the Cardsave Group, said that he saw plenty of growth opportunities for the company. “We have spent the past three years developing an organic growth strategy which has seen us double the number of merchants we recruit each year.  Business has been growing and transactions are up almost 20% over last year.

“Despite difficult market conditions over the past two years, we have seen a marked growth in sales. There has been a large increase in the number of business start-ups and self-employment over the last year. We have noticed a lot more people with bright-ideas setting up their own business and from day one they need to take payments, so demand is high.

“We now believe the market is right to continue to develop our business and focus on growing aggressively through acquisitions, as well as organically.”

Cardsave has set a target to increase its customer base to more than 50,000 in the next three years, and to handle almost £4bn worth of transactions per year.  As well as routes for growing sales organically, Mr Kahn said the company was keen to use Cardsave as a platform for making further acquisitions in the payments sector.

“We are well placed to benefit from the increasingly internet-focused retail market,” he added. “The demise of cheques and the move from cash to cards, enhanced by the increasing use of e-commerce, means the market is healthy and, thanks to continued growth over the past three years, we are well placed to take advantage of the opportunities that arise.”