The Business Growth Fund has invested £3m (€3.7m) of growth capital into the Cennox group of companies.
Established in 2004 by Clive Nation, Cennox is a specialist ATM services group. It comprises two main businesses: ATM Parts and Mainet. Customers include Barclays, HSBC, Nationwide, IBM, Bank Machine, Loomis and G4S.
ATM Parts supplies parts for ATMs. It has developed and patented a security device that combats skimming from payment terminals. The anti-skimming device is attached to ATMs and terminals and works by detecting a range of fraudulent activities and reporting the threat level to the ATM operator and financial institutions. The device is currently used by international banks and Transport for London (for the Barclays cycle hire scheme payment terminals in London). Mainet supplies ATM signage, installation and facilities management services.
Following the investment Cennox will increase staff numbers and ramp up its international operations.
Headquartered in Camberly, Surrey, the group posted turnover of £20m for 2011.
The global market for ATM services is valued at £5bn and is set to grow due to a sharp rise in the banked population.
Osborne Clarke, Crowe Clark Whitehill and Latitude Partners advised BGF. Shoosmiths and Baker Tilly advised Cennox.Picture: Source