Cash mover Armaguard thrown a lifeline from Australian banks, retailers
Armaguard has been thrown a last-minute lifeline by the big banks and some of Australia’s largest retailers in a bid to keep the cash mover afloat.
The emergency funding was lobbed last week and, if accepted by Armaguard, would provide it with financial support believed to be in the tens of millions of dollars. It would allow Linfox’s Armaguard to deliver cash until the second half of the year.
In addition to the banks, Coles, Woolworths, Wesfarmers, and Australia Post have been pushing to have a deal agreed before Easter, according to The Australian Financial Review.
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By continuing you agree to our Terms and Privacy Policy.The banks and retailers were expecting a response by the weekend but as of last night, Armaguard had not responded.
It comes after the Australian Competition and Consumer Commission last June granted authorisation for Prosegur Australia and Armaguard to merge, saying at the time that the public use of cash would likely drop further if it did not give the green light.
The use of cash has been in freefall for years as consumers increasingly use cards and digital wallets.
Originally published on The Nightly
