Cardtronics has announced that its UK based business is entering a seven-year agreement to operate more than 1,500 ATMs located in Co-operative Food stores.
Cardtronics will install and operate ATMs at new Co-op Food stores and at stores that do not currently have an ATM. However, they will have to wait until the existing ATM contract is up before they deploy ATMs at stores that currently have an ATM machine. Also Cardtronics will acquire ownership of Sunwin Services Group (SSG), a subsidiary of the Co-operative Group. SSG’s provides secure cash logistics and ATM maintenance to the Co-op Food ATM estate.
Cardtronics Chief Executive Officer, Steve Rathgaber said: “We believe this deal delivers great value for all of our stakeholders. We have a strong track record of working with major retailers in the UK and the agreement to operate the existing Co-op Food stores’ 1,800-strong ATM estate will significantly expand our core UK business. Since the acquisition of Cardpoint Services last year, our UK business has been growing impressively and this transaction adds to our solid base for continued profit growth in the UK, with notable increases in revenue expected in 2015 and increasing in 2016 as we begin operating the existing ATMs.”
Cardtronics Europe Managing Director, Jonathan Simpson-Dent said: “The Co-op Food stores’ ATM estate is a high-quality portfolio and is one of the highest transacting off-branch estates in the UK market. As such, it presents a solid, strategic opportunity for growth that plays absolutely to our core strengths. In addition, acquiring ownership of SSG will ensure that we can provide best-in-class support to our expanding core ATM business and offer consumers increased access to cash and a high level of service across our ATM fleet.”
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