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A supplier of fee charging ATMs to independent convenience stores has secured more than £2 million growth capital.

London-based Cash4All raised £2.15 million from private investor network Hotbed. More than 40 investors participated in the investment, which is Hotbed’s 45th since it was launched in 2004.

Gareth Jones, a Hotbed member who has personally invested in Cash4All, is joining the company's board as chairman.

Cash4All was founded by Kieron Abernethy, Jonathan Silver and James Bushby, all formerly of cash machine supplier Moneybox. Cash4All had previously acted as a sales agency for Moneybox. It generated a turnover of £72,649 and a pre-tax loss of £950,137 for the year ended December 31, 2005.

ATMs were first introduced in 1999. Eight years later, 72% of the ATM market consists of fee charging machines. 

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