BGF backs Cennox with £3m

BGF's investment will be used to invest in additional staff and ramp up the firm's international operations. It will take a minority stake and join the board.

Cennox's target market is estimated to be worth around £5bn globally and growing rapidly, with the number of ATMs expected to increase by around 36% in the next four years.

Company
Camberley-based Cennox was founded in 2004 and provides specialist ATM services. It provides parts for machines as well as a patented security device that combats fraudulent skimming of card details at ATMs.

The firm's customers include Barclays, HSBC, Nationwide, Loomis and G4S.
Cennox's turnover increased 95% in 2011 to nearly £20m. Around a third of sales are generated overseas.

People
Paul Oldham worked on the deal for BGF. Clive Nation is founder and CEO of Cennox.

Advisers
Equity – Osborne Clark (Legal); Crowe Clark Whitehill (Financial due diligence); Latitude Partners (Technology due diligence).
Company – Shoosmiths (Legal); Baker Tilly (Financial).

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• Topics
• Expansion
• UK / Ireland
• Support services
• BGF (Business Growth Fund)