IRISH E-PAYMENTS group Payzone has acquired the British ATM cash machine operator OmniCash through its UK-based Cashzone division.

The deal was completed quietly in recent weeks.

I’m told the transaction was funded largely by new equity of €7.5 million led by Duke Street Capital, a private equity company that took Payzone private in 2010.

It will increase the number of cash machines operated by Payzone in the UK to more than 5,600 and bolster Cashzone’s presence in the convenience sector.

Payzone boss Mike Maloney, said it would “drive operational efficiencies and lay a platform for future growth”.

Payzone has made the headlines for all the wrong reasons in recent years with a high-profile shareholder spat and a major restructuring of the business. In that context, this deal looks like a positive development for Maloney and Payzone.