Mon, 08 Sep 2014 | DIVISION SALE
The Co-operative Group is set to sell its security services division to US cash machine firm Cardtronics for £41.5 million as part of an ongoing effort to shake itself free of non-core businesses and raise cash.
Cardtronics is to pay £35 million to the Co-op in stages and will pay an additional £6.5 million depending on the transferral of existing cash machines.
Existing and new cash machines operated by Cardtronics will remain free to use, a Co-op spokesman said.
Sunwin Security Services Group’s main activity is to transit cash and valuables, along with ATM support and Sunwin Managed Security.
The pair have arranged for Cardtronics to take on the operation of the 1,800 ATM machines in The Co-operative Food stores, to begin no later than January 2016. Sunwin’s Bradford head office and 14 depots are included in the sale, and will also transfer 1,500 staff.
Richard Pennycook, the group’s interim chief executive following Euan Sutherland’s sudden exit in March, said he wants the group to focus on its retail businesses, its funeral care and other services.
The deal is set to complete in November, after the Sunwin Services Group has been separated from The Co-op.
After its £2.5 billion losses reported for last year, the Co-op group decided to sell its farms and pharmacy chain to address the situation of its £1.4 billion debts.
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