Cadmus buys Dorchester's eftpos book

Electronic payment solutions company Cadmus has bought Dorchester Finance's eftpos book for around $630,000.

Last month Cadmus bought Hanover Group's eftpos finance book for an undisclosed sum.

Both transactions went through Cadmus' subsidiary, Product Rentals (PRL).

Cadmus managing director Ian Bailey said the Dorchester purchase was part of the company's expansion plans for its product rentals business.

"The acquisition of the Dorchester eftpos book also means that Cadmus is closer to achieving the necessary market size critical to expanding its finance business model into international markets like Australia and Asia where it is rapidly expanding its presence."

Dorchester Pacific's interim chief executive Mark Simpson said the sale meant the company could focus its lending on other forms of finance.

Shares in Cadmus were down 1c at 21c in a mildly weaker market this morning, having ranged between 18c and 34c over the past year.

- NZPA