A company which turns unwanted foreign coins into sterling has won the support of Sir Richard Branson after winning a competition to pitch to the Virgin founder.

Fourex, founded by entrepreneurs Jeff Paterson and Oliver Du Toit, beat off competition from more than 2,500 businesses on its way to winning Pitch to Rich in London on Friday.

Its founders have developed a machine which converts unsorted coins and notes from more than 150 currencies into pounds, euros or US dollars.

The kiosks will be installed at Canary Wharf, Kings Cross and Blackfriars tube stations in next month, as well as Westfield shopping centre in Stratford.

The company, based in Medway City Estate, Strood, has won a share of £1 million of prizes including advertising campaigns, a £50,000 investments and mentoring from Sir Richard Branson and his team.

Co-founder Mr Paterson said: “We’re absolutely over the moon to have won Virgin Media Businesses’ Pitch to Rich.

“It’s such an amazing achievement and we’re humbled by all of the support we have received so far.

"We’re looking forward to seeing what the rest of 2015 brings and to start rolling out the machines later this year.”

Fourex, which won the New Things category, was among nine finalists.

Sir Richard Branson said: “All nine can go on and do really well with their businesses. In the end we decided we would go with who we think will be the most likely to be the most successful in their business.”

Read the full interview with Fourex's founders inside this week’s Kent Business, free inside most paid-for KM Group newspapers.