Scott Tod, the Powys-based cash machines manufacturer, is to be acquired by a fund part-owned by Rutland Trust for £7.4m at 21p per share. Scott Tod operates over 2,000 cash machines but has struggled to compete in the ATM market amid suffering adverse publicity for the charges it imposes on withdrawals. Rutland has created a new operation, Notemachine, in order to buy the business. The new Notemachine chairman will be Peter McNamara, formerly the chairman of Moneybox. Michael Langdon, chairman of Rutland pointed out that Scott Tod had suffered management upheval and had been struggling over the past year. He added that McNamara had been brought in for his "considerable experience" in the sector.