News

Triton-owned ISO buys U.K. rival

November 21, 2010

InfoCash, a United Kingdom-based independent ATM deployer owned by Triton Systems of Delaware, LLC, has purchased financially troubled Cashbox plc., said Tim Wilder, InfoCash managing director. Wilder declined to disclose the purchase price.

The contract doubles InfoCash's ATM estate to 4,700 machines, he said. Prior to signing the deal, Cashbox owned 2,500 ATMs, and InfoCash owned 2,200 machines. InfoCash also hired Cashbox's 40 employees.

Combined, the two companies employ 80 workers, Wilder said. The sale between Cashbox and InfoCash expands Cashbox's access to ATMs deployed in public houses, or pubs, and hospitals.

"This is a good deal for both companies," Wilder said. "We plan to further grow both businesses."

Cashbox faced a major financial problem, according to its website. The company had breached terms of a 1.8 million pound loan agreement with YourCash Ltd., an independent ATM deployer, based in Milton Keynes, U.K.

The debt arose out of litigation between Cashbox and YourCash's predecessor company, Hanco ATM Systems Limited. As a result, a court had taken over Cashbox's cash operations. InfoCash purchased Cashbox's ATM business after receiving court approval, Wilder said.

Cashbox executives announced to the market on Nov. 9 that it would place the company into administration. In the U.K., administration is an order by the county court directing a debtor to pay specified monthly installments.

The court retains the payments made and at intervals distributes it between the creditors on a pro-rata basis. The sales agreement between InfoCash and Hampshire, U.K.-based Cashbox was announced Nov. 16, the same day Cashbox was scheduled to go into administration.

InfoCash exclusively deploys Triton ATMs, and Cashbox installs Tidel and Triton machines. Triton is based in Long Beach, Miss.

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