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Cashbox PLC secures funding with the Bank of Scotland

Cashbox, the UK ATM provider, today announces that it has secured £8.75 million in funding from the Bank of Scotland. The funding is provided in the form of an £8 million loan facility and £750,000 in overdraft. The new finance will be used primarily to enable expansion of the business with the roll-out of ATM machines to meet existing and anticipated orders and to refinance the existing debt of General Capital Venture Finance Limited (“GCVF”).  The first drawdown of debt will include £1.75 million plus VAT for extinguishment and early release payments to GCVF.

The  CEO of Cashbox, Ciaran Morton commented, “This significant level of funding enables Cashbox to continue with the rapid deployment of ATMs across its extensive contracted estates.  Our path to profitability is driven by our growing estate volume, coupled with our outstanding support services.  By remaining wholly focused upon meeting customers’ needs, Cashbox is uniquely positioned to become the leading independent ATM deployer in the UK”.

CFO of Cashbox David Auger noted, “This deal with Bank of Scotland has created a secure long term financial platform for Cashbox, which enables the management to concentrate upon accelerating our growth, and building processes and structures to support increased business velocity and scale”.

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