Post Office weighs bid for ATM operator in cashpoint expansion
The Post Office is weighing a bid for one of the UK’s largest independent ATM operators in a move that would expand its cashpoint empire, City AM can reveal. The group, which facilitates the largest branch-based access-to-cash network in the United Kingdom, is exploring a deal for Notemachine after it was put up for sale [...]
The Post Office is considering purchasing Notemachine, one of the largest independent ATM operators in the UK, to expand its cashpoint network, according to City AM. Notemachine, which operates thousands of cash machines and supplies around 20% of all cash dispensed in the country, was put up for sale by its parent company, Brink’s, in October 2022.
Brink’s purchased Notemachine for nearly $180 million and announced a $6.6 billion deal to acquire global fintech firm NCR Atleos earlier this year. The Post Office currently offers banking services to over 30 banks and building societies, who pay multi-million pound annual fees for network access. The potential acquisition of Notemachine would allow the Post Office to extend its community banking offerings in rural and high-traffic areas, moving beyond traditional brick-and-mortar store fronts.
However, the Competition Markets Authority approved Brink’s proposed remedy for the NCR Atleos merger, leading to the divestiture of ATM units. The Post Office and Brink’s have declined to comment on the matter.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
