ATM operator to float on AIM

ATM company Cashbox has announced its intention to float on the Alternative Investment Market (AIM) of the London Stock Exchange.

The London-based independent firm operates, installs and deploys ATM machines and is planning to commence trading its shares on the LSE from next month.

Founded in September 2003, Cashbox was formed by brothers Carl and Matt Thomas and operates ATMs throughout the UK, generally on five to seven year contracts.

As of December 31st, Cashbox owned and managed 845 ATMs in Britain, 89 per cent of which were located in corporate estates, with the remainder in commercial estates and independent retailers.

The company is planning almost 600 more installations and estimates that the UK has the potential for a further 5,510 ATMs.

Cashbox ATMs charge a convenience fee and conduct a relatively low number of transactions, compared with those operated by banks and building societies. The company operates a range of business models to generate revenue.

Commenting on the proposed floatation, Carl Thomas, company chief executive, said: "The funds raised will enable us to roll out a number of pending ATMs and expand our estate. Gaining critical mass in this market is crucial and we believe we will achieve this once we have 1,900 ATMs installed around the UK and we expect to achieve this by the end of 2006."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development