Cashbox reaches court settlement with Hanco
Tuesday, October 23, 2007
ATM provider Cashbox, has reached agreement on a full and final settlement with Hanco ATM Systems Ltd concluding the litigation brought by Hanco against Cashbox ATM Systems Ltd.
Under the terms of the settlement, Cashbox ATM has agreed to pay £1.8 million to Hanco together with interest accruing daily if payment is deferred. The company noted that it has a joint and several indemnity in connection with this litigation.
John Maples, chairman, of Cashbox, commented: “I am pleased that both sides have been able to reach agreement and bring this matter to a close. The company is currently at a key stage of its growth and one that demands the full attention of its senior management. This settlement draws to a close one of the major issues that Ciaran Morton and David Auger inherited on joining the company in April 2007.”
He added: “With the recent funding secured through our credit agreement with Bank of Scotland, the management team is now able to fully concentrate on the rapid deployment of ATMs across our estate and drive this business forwards towards profitability.”
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