Cashbox settles with Hanco for £1.8m
LOSSES & LAWSUITS
LONDON – UK cash machine operator Cashbox has settled out of court, after a three-year litigation battle, with a £1.8 million payment to ATM vendor Hanco, bought by Royal Bank of Scotland (RBS) in 2004.
Hanco first brought proceedings against Cashbox and founder Carl Thomas three years ago, when it was reported that Hanco sought £2 million in damages regarding an allegedly stolen contract concerning installation of cash machines with the Thresher retail group.
The decision follows a summary judgement in Hanco's favour from the Master's Chancery Division last November that Cashbox had knowingly received documents containing Hanco terms and conditions. Cashbox was given permission to appeal but the hearing was adjourned on July 31.
The company was founded by brothers Carl and Matt Thomas. Carl previously worked as a sales director at Hanco but was fired last March over his share dealings after a bid approach for the company, which floated on the London Stock Exchange in 2006.
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