Cashbox gets £8.75m funding
02 July 2007 | 4018 views | 0
UK independent ATM operator Cashbox has secured £8.75 million in funding from the Bank of Scotland.
The funding is provided in the form of an £8 million loan facility and £750,000 in overdraft.
The vendor says the capital will be used to meet existing and new ATM orders and to refinance the existing debt of General Capital Venture Finance. The first drawdown of debt will include £1.75 million plus VAT for extinguishment and early release payments to General Capital.
Commenting on the funding David Auger, CFO, Cashbox, says: "This deal with Bank of Scotland has created a secure long term financial platform for Cashbox, which enables the management to concentrate upon accelerating our growth, and building processes and structures to support increased business velocity and scale."