Cashbox, which is run by former executives of industry market leader Hanco, plans to almost double the numbers of charging machines and to further plans for an IPO through raising GBP20 million in private investor funding.
Cashbox, which currently operate 1,000 ATM machines, will roll-out the new wave of charging ATMs over the next four years. Currently there are 22,000 fee-charging ATMs in the UK, representing roughly two out of every five machines in total. Six years ago there were no charging machines in the UK.
The new machines will be mainly located in pubs, off-licenses and convenience stores. Cashbox has already signed placement agreements with off-license chain Threshers and pub groups Bellhaven and Greene King.
The timing of the bold expansion plans seems to reflect an unwavering confidence in the future of the fee-charging cash machine industry by Cashbox as it appears to be unperturbed by the recent Commons Select Committee report, which had several damning points to make about the new industry sector.
