It comes just months after Lindsay Fox-owned Armaguard rejected a $26 million short-term lifeline from the big four banks, Coles, Woolworths, Wesfarmers and Australia Post.
The $50 million cash injection will "keep cash moving around the country" and follows a series of meetings led by the Reserve Bank of Australia that warned against the sustainability of the wholesale cash distribution system.Armaguard has struck a deal with its largest customers that will ensure the transporter's survival for the next year.
"This is not a contest between the parties. There are no winners and losers here," Linfox Armaguard executive chairman Peter Fox said. "Armaguard is also leveraging the expertise of its other shareholder, Prosegur, which is one of the world's leading cash companies." "It also allows all parties to work through possible long-term solutions for sustainable cash access into the future," Bligh said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banks to the rescue with $50 million lifeline for cash transporter ArmaguardArmaguard's biggest customers will pour up to $50 million into the troubled cash transporter to keep it afloat for the next 12 months.
Read more »
Armaguard gets $50 million bailout from big four banks and major retailers to keep cash moving7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Aussie restaurant owner’s warning after fake $50 and $100 notes fooled his employees7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
The $50 billion gas deal Australia hopes will keep China quietAustralia is offering a multi-billion-dollar lifeline to fast-track an offshore gas project the Albanese government hopes will keep Beijing at bay.
Read more »
The $50 billion gas deal Australia hopes will keep China quietAustralia is offering a multi-billion-dollar lifeline to fast-track an offshore gas project the Albanese government hopes will keep Beijing at bay.
Read more »
The $50 billion gas deal Australia hopes will keep China quietAustralia is offering a multi-billion-dollar lifeline to fast-track an offshore gas project the government hopes will keep Beijing at bay.
Read more »