Moneybox secures preferred supplier ATM deal with Compass Group
04 October 2004 | 440 views | 0
Moneybox plc, the cash machine and payment services business, today announces that its wholly owned subsidiary, Moneybox Corporation Limited ('Moneybox'), has signed a series of agreements with the UK and Ireland division of Compass Group, the world's largest food services company, to supply and maintain an estate of ATMs within the UK.
Under the terms of the deal, Moneybox will be the preferred supplier of both fully managed and merchant replenished cash machines to Compass in the UK for a five year period. Moneybox will work with Compass to identify viable ATM locations for deployment throughout the Compass Group operating companies, which span 9,000 locations across the UK and include a number of well known brands including Whistlestop, amigo, Harry Ramsden's, Caffe Ritazza and Upper Crust. An initial estimate by Moneybox is that there would be at least 100 suitable sites for ATM deployment during 2005.
Additionally, Moneybox has secured a five year preferred supplier deal at Moto, the country's largest motorway services company. Moneybox's right to install ATMs at Moto sites will commence on the expiry of Moto's existing ATM supply agreements. Moneybox anticipates that deployment into these Moto locations will commence by the end of 2006.
As a result of entering into these agreements, Moneybox estimates that its net debt position at 31 December 2004 will be increased by £1m.
Peter McNamara, Executive Chairman of Moneybox plc, said: "We are delighted that Compass has selected Moneybox to be its preferred supplier of ATMs. The Compass estate represents a large number of very high quality outlets in our core sectors of retail, transport and leisure, and the demand for cash in these busy locations makes them ideal for our business model."
Paul McArdle, Purchasing Director for Sevita (Compass Group's European purchasing organisation) said: "Moneybox is a leading ATM operator and the flexibility of its approach allows us to provide this important service to our customers in all types of location across the country. Their existing significant presence in Germany and the Netherlands were also important factors in Compass' decision to partner with Moneybox."