Lloyds Bank funding supports global growth for Surrey-based Cennox

“This acquisition will enhance our ATM installation and security capabilities in the United States,” Clive Nation, CEO, Cennox.

Founded in 2004, Cennox has grown to become a leading ATM service provider for Britain’s four largest banks.

Based in Camberley, Surrey, Cennox has staff representation in 14 countries, including branches in the U.S, Germany and France. The firm also has a presence across the developing world and is pursuing expansion in Africa and India.

Extending its geographic footprint

Keen to boost its presence in the US, the world’s second largest ATM market, Cennox sought to acquire California-headquartered PSSI International.

“This acquisition will enhance our ATM installation and security capabilities in the United States,” says Cennox CEO, Clive Nation. “This is part of our commitment to deliver a world leading service to banks and financial institutions around the globe.”

Funding support for growth

Cennox secured a multi-million pound finance package from Lloyds Bank Commercial Banking to fund the acquisition and support the integration of the PSSI business into Cennox’s US subsidiary, Sterling Inc.

Peter Jackson, Relationship Director at Lloyds Bank Commercial Banking, has been looking after Cennox commented “We are pleased to support Cennox as it continues to grow and expand. It is well established in the UK ATM market and the acquisition of PSSI builds on its presence in the USA. This is a key area for further growth and Cennox is well placed to take advantage as the industry continues to develop.”

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