A new cash machine has been installed in Salcombe following the closure of the last remaining bank in the town.

Cardtronics UK, operator of Cashzone ATMs, and leading UK communications company BT have officially announced the successful launch of a free 24-hour cash machine in Salcombe following the closure of the Lloyds bank in March 2017.

BT and Cardtronics, the UKs largest independent ATM operator, worked closely with local businesses as well as stakeholders and bank partners, to find a suitable site for the new machine.

During this process, great attention was paid to the fact that Salcombe was in need of an additional 24-hour ATM service to meet the high demand for cash in this popular tourist destination.

The free cash machine will be installed in a BT phone-kiosk on Fore Street, alongside the existing ATM, already run by Cardtronics and BT. Due to the outdoor location of both ATMs, the local community now has access to two cash machines round-the-clock, independent of business hours.

The installation of the new cash machine in Salcombe illustrates a UK-wide trend which sees high street banks establishing partnerships with independent ATM providers to ensure on-going access to cash for local communities while the UK banking landscape evolves.

Salcombe Town Cllr Mike Fice commented: “Salcombe Town Council are very pleased that Cardtronics UK have agreed to install a second ATM next to the one that has been in place for many years. For a short period of time, since the withdrawal of Lloyds Bank plc from the town, Salcombe has continually had a situation where cash has not been available.”

He added: “Since approaching Cardtronics they have been approachable and proactive and we look forward to working with Cardtronics UK to ensure that demand in satisfied.”

In 2016, industry body Payments UK highlighted that the number of independently operated cash machines in the country had reached 38,000. This accounts for 55 per cent of the total cash machine estate.

Past research has shown that continued access to cash on local high streets helps businesses to keep up footfall and customer loyalty. The Value of Cash on the UK High Street survey, which was commissioned by Cardtronics UK and conducted by independent research company Populus, found that over half of UK SME high street retailers agree that services like “cashback” can by no means fully replace the benefits of having an ATM on the high street.

Tim Halford, Managing Director of Cardtronics UK and Ireland, commented: “Salcombe in a perfect example of independent ATM operators, banks, local communities and businesses joining forces to preserve people’s access to cash.”

He continued: “With this additional cash machine, residents and visitors can rely on having access to their money whenever they need to. At the same time, local businesses can be certain that their customers will remain loyal to Salcombe’s high street - knowing that they can shop and get their money out at the same time.”