The Business Growth Fund, an organization established to advance fast-growing small and medium-sized businesses in the U.K., has announced an investment of £3 million ($4.66 million) of growth capital in ATM service provider Cennox Plc. The equity investment will enable Cennox to fund working capital, invest in additional staff and ramp up international operations.
Since its founding in 2004, Cennox has grown quickly through organic growth and acquisition to comprise two main businesses: ATM Parts and Mainet. The companies' blue chip customers include Barclays, HSBC, Nationwide, IBM, Bank Machine, Loomis and G4S.
International supplier ATM Parts has developed and patented a security device that combats skimming at ATM terminals; it is used by a number of international banks and Transport for London. ATM branding specialist Mainet supplies ATM signage, installation and facilities management services.
“Since 2004 we have grown this business through organic growth and acquisitions. We now have the platform to support significant expansion, particularly in international markets through opening new offices," said Clive Nation, founder and CEO of Cennox. "In addition to a financial boost, we value the operational expertise and advice that BGF can provide. Our partnership will enable us take advantage of the significant growth opportunities in the ATM market.”
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