The Story of the Demise of Cash Processing Solutions

In the January issue of Currency News™, we covered the closure of Cash Processing Solution (CPS), the second supplier of high-speed sorting systems after Giesecke+Devrient, and the creation of a series of new entities to continue with the profitable software and services side of the business.

Since then, the company responsible for finding a way forward for CPS, including a potential sales, Interpath Ltd, has issued its report into its winding up. The report describes the events leading up to CPS going into administration, the actions taken and options considered, and the decisions taken.

In brief, CPS had exhausted its £15 million overdraft and financing facilities and needed an additional £3 million to continue trading. Unable to secure this sum of money, it entered into administration.