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Cash transport company Armaguard has secured its future for another 12 months after locking in a $50 million deal with its largest customers. The agreement, funded by Commonwealth Bank, Westpac, NAB, ANZ, Coles, Woolworths, Bunnings and Australia Post, means Armaguard will receive monthly payments in exchange for efficiency and restructuring requirements.
“Regional communities and many in society still rely on cash transactions,” McMillan said. The deal comes three months after Armaguard rejected a $26 million deal from the Australian Banking Association, the big four banks, Woolworths, Coles and Australia Post despite being told the company was not financially viable.
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