Kahn will lead the new management team at Cardsave alongside Mark Dann, the current finance director, and Ian Ryder, the operations director.
The business, based in Grimsby, was founded in 1995 to provide merchant services and other services to Britain’s independent retailers. It currently services more than £2bn of transactions per annum.
RJD Partners, Morley Fund Management and Lloyds Development Capital acquired the company in October 2004 for £45m. John Dillon, a director at RJD, which made a 3x return on the sale, said: “Having originally invested in the business through a management buyout in 2004, we have supported the management team in growing Cardsave’s membership base and have been very pleased with the performance of the business under our ownership. The company is well placed for its next phase of development under its new management structure.”
Kahn was CEO of Travelex, the world’s largest non-bank foreign exchange business, until November 2006, and led the sale of the group to Apax in March 2005.
Kahn said: “Cardsave is well placed to benefit from the increasing move from cash to credit and debit card settlement in the small retailer market place. We expect the replacement of cash with plastic to accelerate further with the introduction of contactless payments. It is hoped that Cardsave will be a platform for several acquisitions that we will make in the financial service arena.”