Sainsbury's sells cash machine business to NoteMachine

25th Sep 2024 13:13

(Sharecast News) - Sainsbury's said on Wednesday that it was selling its ATM business to NoteMachine, a Brink's Company and one of the UK's leading ATM operators, for an undisclosed sum.

Under the terms of the deal, NoteMachine will assume ownership and management of Sainsbury's ATM business, which includes around 1,370 ATMs nationwide. All ATMs will remain open and in position at the existing sites.

The long-term partnership and transition of ownership is expected to be completed by May 2025, providing Sainsbury's with a shared commission income stream and simplifying its banking business and reducing costs.

Chief executive Simon Roberts said: "We are really pleased that we can keep offering our customers free access to cash at all of our existing locations while also simplifying our banking business and reducing our costs. We're confident that NoteMachine is the right partner for us and our customers."

Steve Makaritis, Chief Executive Officer for NoteMachine, said: "NoteMachine, a Brink's Company, is a leading provider of ATM managed services and innovative banking solutions. This agreement aligns perfectly with our mission to make banking easier, more convenient and accessible for all.

"By expanding our ATM network, we are taking another step toward providing exceptional service, whether in urban or rural areas."

Sainsbury's announced in June that it was selling its core banking business, comprising £2.5bn of outstanding credit card, unsecured personal loan and saving accounts, to NatWest. It said at the time that the deal would allow it to focus on growing its core retail business.