Cashbox installs 1,000th ATM and says 98% trading profitably
Wednesday, May 31, 2006
Cashbox plc, the AIM-listed independent ATM deployer and operator, has installed its 1,000th ATM, following a further installation into the pub estate operated by Scottish & Newcastle Pub Enterprises, the leased pub management business owned by Scottish & Newcastle plc.
Cashbox has a contract with S&N Pub Enterprises to install ATMs using the Placement Model into its tenanted pub estate. The Placement Model, which is Cashbox's primary focus, is where an ATM is placed with a merchant free of charge and replenished by the merchant, eliminating the need for third party cash-handling costs. Using detailed site surveys and the Placement Model, Cashbox is able to profitably place ATMs in lower footfall areas which effectively expands the available market.
Commenting on the successful integration of Cashbox's ATMs into pubs that are part of their estate, Kay Sibbald, Franchise Manager of S&N Pub Enterprises, said: "I have been impressed with Cashbox's prompt response to requests from lessees and the company for ATMs. The free placement ATM is a real benefit for lessees who wish to offer their customers a cash facility on site."
Carl Thomas, Chief Executive of Cashbox plc, said: "The installation of Cashbox's 1,000th ATM marks a significant milestone in our business and successfully demonstrates the robustness of our business model. We have a strong relationship with S&N Pub Enterprises and they are a valued customer. The installation of our ATMs into their estate is a win-win situation for all parties concerned as it delivers increased footfall to the pub itself, improves customer retention for the landlord and increases cash spend at the bar. With the 1,000th ATM now in situ, we are delighted to confirm that our installation programme remains ahead of schedule and that the Company has a significant pipeline of future ATM installations."
Carl Thomas added: "We are extremely pleased to report that 98% of our total estate and 91.4% of the placement estate is trading profitably and making a positive contribution to our gross profit account line and as such, we view the future with considerable optimism."
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