Cashbox snapped up by ATM rival

Cashbox, the ATM supplier whose shares were suspended last week, has been bought by a rival company.

InfoCash, based in Abingdon, has acquired Cashbox for an undisclosed sum. The move more than doubles InfoCash's portfolio of cash dispense machines to 5,000-plus.

Cashbox suspended its shares last week after a £1.8m loan note was acquired by another ATM competitor, YourCash and a claim was lodged with the former group to get the debt repaid.

YourCash was formerly known as Hanco, the group that Cashbox founder Carl Thomas left to form the company and with whom it had been in dispute at the time.

Tim Wilder, InfoCash's managing director, said all the staff at Cashbox would be transferred to the acquiring company and it would be business as usual for the group's customers, who include Mitchells & Butlers.

Wilder said the deal was in line with its strategic plans to significantly grow the InfoCash estate of ATM machines across the UK.

"InfoCash will provide seamless continuity for all Cashbox operations and for all ATM contracts that make up the Cashbox ATM estate," he said. "There will be no disruption to the operation of the ATMs in this transition nor will there be any interruptions to payments," he added.

Wilder thanked Cashbox executives including chief executive Ciaran Morton "for showing such strong leadership during a difficult period and I look forward to working with them to further grow the business".