Co-op offload more business to raise cash

3 September 2014

Sunwin-Hero_managedSecurity It's 'Oh God, what's going on with the Co-op now?' time again and the troubled group (putting it mildly) have been offloading businesses in a bid to raise cash.

It is selling off its Sunwin security services operation (illustrated here, by one of it's 'heroes'), and it's already been snapped up by US cash machine operator Cardtronics for a handy £41.5 million.

Sunwin's role in the Co-op consisted of running the transporting of cash to the group's ATMs.

Now the 1,800 cash machines will be run by Cardtronics, who already do this for other companies in the UK.

Cardtronics will start operating the cash machines by January 2016, after the Co-op's agreement with the Co-op Bank ends. However the US company said it could start installing new machines immediately.

This is the latest sell-off for the Co-op following its farms and pharmacy chains in a bid to sort out its £1.4 billion debt.

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