Vaultex Annual Report 2015-16

Thinking Differently About Cash

It’s no surprise that the new polymer £5 marked the biggest change to UK currency in a generation. Or at least it was no surprise to Vaultex. We’ve been working towards the rollout of polymer for a number of years because, as an industry, we knew we had to get it right.

That meant investing in the right infrastructure and equipment ahead of time. Our fleet of high speed note sorters are capable of handling both polymer and paper cotton notes: essential during this period of transition over the next few years.

Polymer proved that traditional cash can still grab the headlines even as new payment methods are introduced. Given an often tumultuous and unpredictable political and economic landscape, cash remains a trusted, secure and popular way to pay. In fact, notes in circulation continue to increase and cash remains the most popular way for consumers to pay by volume.

That doesn’t mean that there aren’t challenges. With an increasingly diverse range of payment options, cash must continue to offer good value. To this end, we’re committed to offering seamless end-to-end managed services, including ATM management and maintenance, CIT, cash processing, local cash recycling and forecasting. Our deep knowledge of the end-to-end cash cycle, combined with innovative new technology such as our intuitive online cash management portal, VIEW, means we can make savings, create efficiency and add value for our customers.

Importantly, we’ve also prepared our people for change. Our cash processors are trained in multiple skills, while we continue to invest in best-in-class engagement practice. We’re proud that we pay our people a fair and stable Living Wage that goes above and beyond Government legislation. Our employee engagement score, which has grown yearon- year to 81% in 2016, combined with our continued IIP Champion accreditation and growing catalogue of people focused industry awards, attests to our excellence in people management.

Our Services

Our consultancy team can help customers save money by thinking differently about cash.

Vaultex View

Our proprietary online portal offers instant cash data and management information at the touch of a button.


Our consultancy team can help customers save money by thinking differently about cash.

Case Studies & testimonials

Remote ATM Managed Services

Barclays was looking to improve the availability of its 1,500 remote ATMs, while significantly reducing costs. They wanted single supplier to manage the programme from end-to-end, reducing risk and optimising the cash cycle.

Branch ATM Managed Services

A high street challenger bank chose Vaultex as their integrated cash services provider for their branch and ATM network– incorporating billions in cash processing and tens of thousands of Cash in Transit trips per year.

Consultancy Testimonials

Vaultex consultancy has helped a diverse range of client with their cash needs, including prestigious toy retailer Hamleys, Saudi Arabian financial industry experts Cash Solutions and innovative live music promoter DHP.

Our People

There is a wealth of experience at Vaultex. We continue to make engagement a priority to help create a positive, productive and constructive environment where new ideas and talented people can flourish.


Our CSR programme is an integral part of our strategy; whether encouraging employee engagement, reducing resource use and costs, or enabling growth by supporting new business and nurturing future talent.

Executive Committee Biographies

Phil Vaughan

Chief Executive Officer

Phil is a dynamic, people-focused senior leader with considerable experience at Board level. He has held numerous posts and has extensive achievements in strategic profit maximisation and commercial management of IT. Phil has held a number of senior roles within complex, world-class, blue-chip financial services organisations including American Express and Coventry Building Society.

Andy Nash


Andy Nash is a very experienced portfolio chairman and has looked after many Private Equity backed companies and two PLCs in the UK, USA, Europe and the Far East. A keen cricketer, Andy is Chairman of Somerset County Cricket Club and Director of the England and Wales Cricket Board.

Sarah Brown

Transformation Director

Sarah has enjoyed an extensive career within the banking industry, with wide-ranging experience in Risk, Operational and Transformation roles. Prior to joining Vaultex, Sarah led Cash and Self Service for the UK whilst working at Barclays.

Andrew Grundy

Chief Financial Officer

Andy is a highly driven leader with a track record of increasing profitability and supporting business growth. He has vast experience, ranging from core financial responsibilities through to software design and development. Throughout his career, Andy has held a number of senior financial roles for large, complex organisations such as G4S.

Richard Maddison

Oprations Director

Richard previously held a series of senior roles in Operations, Programme & Supplier Management, during an extensive career with Barclays Bank. He left Barclays to become a formative member of the Vaultex Exec committee. Richard initially oversaw the company’s transformation journey before becoming Operations Director, with responsibility for physical security, improving service performance and increasing efficiency.

Mark Trevor

Commercial Director

Mark pursued a successful leadership career in the Royal Navy, prior to embarking on his corporate career. He has since had extensive experience in a number of senior commercial and operational roles within large international businesses, including Arthur J Gallagher International and Hiscox plc.