Cashbox, an independent ATM operator set up by former Hanco executives, is raising £20 million from private equity investors which it will use to roll out 18,000 fee-paying cash machines across the UK. The news comes just days after MPs raised concerns about the rising number of fee-charging ATMs across the country.
According to a report by The Independent newspaper, Cashbox currently has just 1000 ATMs but is set to install a further 18,000 units over the next four years in pubs, off-licences and shops. The group currently has deals with off-licence chain Threshers and pub groups Bellhaven and Greene King.
Cashbox was set up by Carl Thomas, a former sales director at ATM firm Hanco, which was acquired by Royal Bank of Scotland last year. According to the report, the group plans to float within the next two years.
The news comes just 10 days after the Treasury Select committee raised concerns about the growth in the number of fee paying ATMs across the country. UK consumers are paying £140 million a year to withdraw their own money from cash machines. Currently, 37% of ATMs in the UK charge consumers for withdrawing cash.
The report called for all independent operators to be policed by the Banking Code Standards Board and for clearer labelling of fee-paying ATMs.