PayPoint has announced a £6m deal with Yodel to take full ownership of Collect+, the parcel services operation which has a store network of more than 7,000 newsagents, convenience stores, supermarkets and petrol stations.

The agreement reaffirms the long-term partnership between the two companies, with Yodel committing to a multi-year contract to continue as a parcel carrier for Collect+.

Collect+ was set up as a joint venture between PayPoint and Yodel in 2009, to provide a simple, local and accessible service for people to send parcels, return parcels or click and collect.

The deal means PayPoint has now acquired the 50% of shares that were previously owned by Yodel.

PayPoint will continue to increase the capacity of the Collect+ network and build on the already strong carrier partnerships.

Nick Wiles, executive chairman of PayPoint, said: “This is an extremely important moment for Collect+ which has grown substantially to become the UK’s biggest parcel network working with major carriers such as DHL, FedEx and Yodel and retail giants such as Amazon and eBay.

"We look forward to continuing to work closely with Yodel on behalf of our retailers and the millions of customers who rely on the Collect+ service.

"There is substantial opportunity for further expansion – both in terms of the partners we work with and the numbers of outlets we have. We are very excited about the future of Collect+.”