Coles has stopped Armaguard cash deliveries and reduced withdrawal limits in supermarkets as concerns grow about the future of the currency handling company. Armaguard, a subsidiary of Lindsay Fox's Linfox, has been offered a funding boost from a group of big banks and retailers but it's understood the company is yet to formally respond. Coles has now paused Armaguard cash deliveries until Friday 5 April due to the evolving situation.
On 19 March, the big four banks, Wesfarmers, Coles, Woolworths and Australia Post put a funding offer in the vicinity of $26 million to Armaguard. The group wants a response by the end of Thursday indicating if Armaguard will accept the package, which would support the company to continue operations for about six months.
Source: News Formal (newsformal.com)
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