MoneyBox incurs £0.5 million charges as COO quits
11 October 2004 | 2970 views | 0
Struggling UK independent ATM operator MoneyBox is to incur costs of £0.5 million as it replaces its chief operating officer and slims down its workforce following a review of its past performance and future strategy.
The company, which last month warned of a likely profit shortfall of £1.5 million for the year, says that it is adjusting strategy to focus on profit rather than revenue growth.
Peter McNamara, executive chairman of Moneybox says: "In an increasingly competitive UK market, higher quality ATM sites are at a premium...Going forward our strategy will therefore be to both maximise the profitability of our existing ATM estate by adopting industry leading low cost operational models and to grow our ATM estate in new ways and new markets."
While McNamara remains chairman, COO Kieron Abernethy, has quit his position and is replaced by commercial director Andrew Neubauer. These, and other unspecified personnel changes, will result in an exceptional restructuring charge of approximately £0.5 million.
MoneyBox informed the stock exchange last month that it had received a number of takeover bids from third parties. In today's statement, the Board says that none of these approaches "merits further advice to shareholders".