TRM Corporation, the NASDAQ-listed provider of ATM machines and photocopiers, has sold its UK-based subsidiary, TRM Limited, to NoteMachine.

NoteMachine will pay $92.6m (£47.1m) for TRM Limited, which consists of TRM Corp's entire cash machine operations in the UK and Germany. Powys-based NoteMachine already operates 2,000 cash machines around the UK, and is also the market leader in card vending solutions, change machines and cashless systems. 

TRM announced that proceeds from the sale have been used to pay down debt under secured credit facilities with a number of lenders including Wells Fargo Foothill and GSO Capital. 

"The sale of our European ATM business is a component of our ongoing efforts to simplify our business operations," said Jeff Brotman, TRM president and chief executive officer, adding that the sale would allow the group to focus its efforts and resources on its US ATM business.

Earlier this month, TRM also divested its Canadian ATM operations, and the sale of its US photocopying business is due to close shortly.