29th Jun 2007 17:07
Cashbox PLC29 June 2007 Cashbox PLC ("Cashbox" or "Company") Cashbox PLC secures funding with the Bank of Scotland Cashbox, the UK ATM provider, today announces that it has secured £8.75 millionin 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 usedprimarily to enable expansion of the business with the roll-out of ATM machinesto meet existing and anticipated orders and to refinance the existing debt ofGeneral Capital Venture Finance Limited ("GCVF"). The first drawdown of debtwill include £1.75 million plus VAT for extinguishment and early releasepayments to GCVF. The CEO of Cashbox, Ciaran Morton commented, "This significant level of fundingenables Cashbox to continue with the rapid deployment of ATMs across itsextensive contracted estates. Our path to profitability is driven by our growingestate volume, coupled with our outstanding support services. By remainingwholly focused upon meeting customers' needs, Cashbox is uniquely positioned tobecome the leading independent ATM deployer in the UK". CFO of Cashbox David Auger noted, "This deal with Bank of Scotland has created asecure long term financial platform for Cashbox, which enables the management toconcentrate upon accelerating our growth, and building processes and structuresto support increased business velocity and scale". For further information:Cashbox PLC 0870 126 2274David Auger, CFO Threadneedle Communications 020 7936 9606Josh Royston/Graham Herring Seymour Pierce 020 7107 8000Jonathan Wright Notes to the Editor: Cashbox PLCCashbox is a leading independent ATM deployer (IAD) whose estate spans thelength and breadth of the UK. Cashbox installs and operates its estate of ATMs,with sites throughout the UK where there is a demand for cash withdrawalservices and where customers are willing to pay a convenience fee. The Company differentiates itself from other UK ATM suppliers by offering thePlacement Model, whereby the ATM is purchased by Cashbox under lease hire. TheATM is FREE to the merchant. The machines are replenished by the merchant,eliminating the need for third party cash handling costs. The Company alsofocuses heavily on post placement marketing backing as well as technical supportand service via its in-house 24/7 helpdesk that is supported by a team ofCashbox trained and certified personnel. Cashbox was granted membership of LINK in March 2004, allowing Cashbox toincorporate its ATMs in the LINK network. Cashbox also has a Bank of Englandsettlement account and became the first IAD in the UK to become completelycompliant with the Triple DES security standard in June 2004. The Company is listed on the AIM market of the London Stock Exchange. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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