Payzone’s share price sank as low as 2p this week from a high of 76p in December after it revealed it expected to make a loss of €39m (£30m) this year. The payment provider also confirmed it planned to sell its French, Spanish and Italian businesses.

The sale to French company LCon is expected to be completed at the end of the month for €20m (£15.5m) and €4.2m (£3.3m) owed to Payzone is being written off. As The Grocer went to press, the electronic payment provider’s share price was 2.5p.