We speak the YourCash founder and CEO
Three reasons you should be watching them
Jenny Campbell is the only female CEO in the UK ATM industry, paving the way for others female leaders in the industry
Jenny is a banker turned entrepreneur- she ‘lives by corporate standards but breathes like an entrepreneur’
Whilst carrying the torch for the value of cash in society, YourCash Europe is also developing innovations on ATMs to combine m-commerce payment services with cash- adapting to the digital landscape
Company: YourCash Europe
What it does, in a sentence: YourCash is a European ATM provider with 5000 cash machines across the UK, Netherlands, Belgium and Ireland.
Founded: Originally the business was called Hanco ATM systems and established in 2000. In October 2010, after completing a significant turnaround project, Jenny led a management buyout of the business and ownership divested from RBS making YourCash a standalone Private Limited Company. In 2013, Jenny led a secondary buy-out to enable the senior management team to take control of YourCash. This meant YourCash was now trading as a fully independent business with Jenny as the majority shareholder.
Founder/s: Thomas Hannon when the business was Hanco ATM systems, Jenny Campbell when it was rebranded as YourCash Europe Ltd.
Size of team: 100 employees across all four countries
Your name and role: Jenny Campbell, Owner and CEO
What problem are you trying to solve?
My ultimate goal is to offer easy and secure cash access for all. Whilst we’ve seen a huge surge in various digital payment methods over recent years, cash is a lifeline for many businesses and communities across the world and for that reason, I want to continue working with the industry to develop cash and ATMs. The recent launch of polymer notes is a huge milestone for the industry and showcases the Bank of England’s faith in the value of cash. I also think consumer choice is so important in the age of the hybrid spender so its important cash remains a staple payment option for consumers and businesses alike.
How big is the market – and how much of it do you think you can own?
As reported by LINK, in June 2016 there were 70,536 ATMs in the UK. Currently, YourCash owns 5% of that market with 2,453 free to use machines and 1,276 pay to use machines. I’d like to increase that significantly but steadily over the next few years with increased focus on our European regions too, where we currently have just over 1000 machines. We are consistently building relationships with clients and banks in Ireland, Belgium, the Netherlands and additional countries to help us reach our goal of increasing our proposition and number of ATMs in Europe.
How do you make money?
In simplistic terms, we are paid what is called an interchange fee with every transaction made at our Free to Use ATMs. It’s a small amount paid by the banks for every transaction their customers make at ATMs other than their banks and essentially it’s the banks way of saying thank you for giving customers access to their cash. With our Pay to Use ATMs we take a percentage of the surcharge, per transaction.
Who’s on your team that makes you think you can do this?
My Managing Director Ewan, COO Bill and CFO Richard are huge supports to me, especially through the two management buyouts we carried out in 2010 and 2013. I couldn’t ask for a more inspirational senior team to have alongside me whilst we plan for the future. Aside from the senior team, I am lucky to have a hugely committed workforce who are passionate about the business. That alone contributes towards our year on year success.
Who’s bankrolling you?
At the original management buyout in 2010, I took a huge personal risk and re-mortgaged my home to help fund it. With a family to support, this was a gamble but I had every faith that the business would succeed. The buyout was also funded by High Net Worth’s who took majority share of the business. In 2013 the Non-Exec HNW shareholders were bought out by myself and the Management team via a debt package from Prudential Capital, which enabled the Management team to take majority control of the business and importantly the future destiny of the business. Since then, I have remained majority shareholder of the business.
What advice would you give other entrepreneurs trying to secure that kind of finance?
My advice would be- do your homework and never be afraid to seek advice from your peers, colleagues, family members and mentors. It’s so important to do wider research into your different options and if you struggle to make a decision- ask those close to you what they would do. My youngest son, Rik, launched an Indian Fusion restaurant called Kricket a couple of years ago and I have advised him on which funding path to take, to which he reciprocates with business advice for me. A fresh perspective is hugely beneficial to business owners at all levels.
What do you believe the key to growing this business is?
One of my mentors always said to me “Jenny, always surround yourself with good people.” So I have always worked hard to achieve this, by supporting people to be even better than they already are, and by bringing new talent into the business. I truly believe that this has been the key to YourCash’s success. My management team are absolutely brilliant and we constantly support and challenge each other to ensure the business is the best it can be. We nurture our employees’ professional development and that in itself contributes to a good team moral which transpires into excellence in service- what our business is based on.
What metrics do you look at every day?
As the nature of our business is based on service, I speak with my COO regularly to ensure that our ATMs are performing as they should be and if not- what we can do to ensure they do. I am also in regular dialogue with my Managing Director who is consistently building relationships with our key partners and stakeholders across Europe. I also think it’s really important to stay in tune with the staff and what is going on across the wider business, so I operate an open door policy at our headquarters in Milton Keynes. That means my team can come to me with any question or issue at any time, no matter how big or small and it allows me to keep my finger on the pulse of the business.
What’s been the most unexpectedly valuable lesson you’ve learnt so far?
I’ve learnt how to switch between my various hats really quickly- from CEO to Mum and even dog midwife! When I was carrying out the secondary buyout, one of my flat coated retrievers went into labour, so I had to pause the day long board meeting to go and deliver the pups and back again to seal the deal!
This also reinforces the importance of switching off when possible. I would advise any entrepreneur to take up a hobby where they can completely refocus their attention as it allows you to reenergise and be more productive in business. For me, breeding and showing my flat coated retrievers is hugely beneficial to my well-being and to those who love dogs in my office, as I regularly bring the dogs in!
What’s been your biggest mistake so far?
I don’t regret anything in life or business, but if I could turn back time, I’d say if I would reconsider investing all my personal savings in RBS, which I lost following the financial crash. However, setbacks make me the person I am today and are solely responsible for my ruthless drive and determination!
What do you think is on the horizon for your industry in the year ahead?
The launch of the polymer five pound note will be followed by a ten pound note in April 2017 and a twenty pound note in 2018. Along with these cash developments, I believe we will reach a balance between usage of card, contactless, mobile and cash payments as consumers increasingly use different payment methods for a variety of different spending. Similarly to how we use paper for some things and technology for others.
Which London start-up/s are you watching, and why?
Kricket, my son’s Indian fusion restaurant would certainly be on my radar even if I wasn’t close to the business. Not only does it have rave reviews, but to start off literally in a shipping container and develop into a franchised business within the space of a year is truly phenomenal.