ATM Holdings goes into administration

Adelaide-based ATM Holdings, which sold and managed more than 800 ATMs across Australia, has gone into administration with debts of more than $4 million.

The company, which trades as My ATM, listed on the Australian Securities Exchange in January.

Administrator Stephen Duncan said on Tuesday that his priority would be to assess whether restructuring and refinancing might make the company viable.

"My ATM's current business model has not yielded the returns envisaged by the group's founders and we will investigate all aspects of the current operations with a view to providing a forward plan that enhances the future profitability," Mr Duncan said.

The first meeting of creditors is expected to be held late next week.

ATM Holdings chairman Kym Weir said the decision to appoint administrators had followed a breakdown in funding arrangements.

"While this is a most disappointing outcome for all concerned within the My ATM group, the directors remain committed to assist the administrators in finding a way forward to realise the full potential of the business," Mr Weir said.

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