Banks and major retailers extend Armaguard lifeline to buy cash time

Banks and major retailers extend Armaguard lifeline to buy cash time

The Fox family-owned business had secured a $50 million funds injection last year, and will use the money to operate while a permanent solution is found.

channelnews : Banks and Retailers Inject $25M to Keep Armaguard’s Cash Transit Business Running

Australia’s biggest banks and retailers have agreed to extend a $25.5 million financial lifeline to Armaguard, the nation’s dominant cash-in-transit provider owned by billionaire Lindsay Fox. The funding will keep Armaguard operational until the end of 2025, following a previous $50 million bailout last year. The group backing Armaguard includes the Big Four banks – Commonwealth Bank, Westpac, NAB, ANZ – as well as retail giants Coles, Woolworth…

Joint Statement: Funding extension for Armaguard

Major banks and major retailers have reached an agreement with Armaguard to extend their financial contribution for a further six months.   This will see Armaguard receive an extension of $25.5 million from July to December. This is in addition to the approximately $50 million already provided over the last twelve months to support cash distribution across the country.   This funding extension will allow work to continue on the development of an…