Cash to stay afloat as money mover Armaguard receives $50 million life raft

A deal reached between Armaguard, the banks, and Australia’s largest retailers securing the cash-in-transit service’s future, is good news, for now, for those Australians who still use cash.

The distribution of bank notes and coins throughout the country faced an uncertain future when an earlier attempt in April to bail out the troubled Armaguard collapsed.

But in weekend talks Armaguard’s main customers including the big four banks, Coles, Woolworths, Bunnings and Australia Post agreed to a $50 million life raft to help the struggling Linfox-owned company.

Armaguard, which has about 90% of Australia’s cash-in-transit market, has been under increasing pressure as the use of cash plummeted during the pandemic.