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My ATM forges JV with coffee franchise

My ATM forges JV with coffee franchise

Independent ATM distributor My ATM Holdings (ASX:MYA) and drive-through coffee franchise Muzz Buzz have agreed to form a new joint venture to deploy ATMs at the latter's stores.

The joint venture will install stand-alone branded ATMs at a portion of the 40 Muzz Buzz franchise stores in Queensland, Victoria, South Australia and Western Australia.

The first systems will be deployed by September this year, My ATM executive chairman Tim Scala announced.

“I'm confident of a successful partnership between both brands,” Scala said.

The company also revealed it had cancelled an up to $10 million funding facility from Euroz Securities (ASX:EZL) that had been entered into in February, citing “complex conditions [of the deal] which the directors have decided not to participate in.”

But My ATM is considering replacing it with another debt facility to allow it to “complete several acquisitions.”

MYA shares stayed flat on Thursday at $0.043.

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Tags My ATMjoint ventureASX:MYATim ScalaMuzz Buzz Franchising

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