Conviviality Retail (CVR) has signed a new contract with financial technology business Universe to provide it with point-of-sale, payment and encryption services.

The contract, secured after an international competitive tender process, is worth £4.3m to the AIM-listed developer over the next three years.

HTEC, a subsidiary of Universe, will supply the Bargain Booze owners with its point-of-sale, back office, head office and payment systems together with related on-going customer support. The systems will be installed across Conviviality’s estate of more than 650 off-licence and convenience stores later this year.

Universe CEO Jeremy Lewis said: “This is a significant contract win for us that highlights the group’s progress in entering the convenience store and grocery sector and underlines the market confidence in our new, innovative product set.”

John Cummins, co-head of equities at WH Ireland said: ”We view this news positively for both Conviviality and Universe Group. Conviviality franchisees will benefit from HTEC’s latest generation systems and 24/7 customer support. For Universe Group, the contract demonstrates the strength of the group’s technical and service offering in its continued expansion in the convenience and grocery sectors against legacy providers.”

The news comes as Conviviality’s £200m reverse takeover of wine and spirits supplier Matthew Clark cleared its final hurdle yesterday with the approval from shareholders of seller Punch Taverns.

Shares for the enlarged group, to be known as Conviviality (dropping the retail from its name), began trading today (2 October). The stock is down 1.6% to 184p so far today.

The deal is officially expected to complete next week on Wednesday (7 October).