Coles halted cash deliveries from Armaguard due to financial concerns, as Armaguard declined a $26M funding offer.
Coles temporarily halted cash deliveries from currency handling company Armaguard, a subsidiary of Linfox, due to financial concerns. Armaguard had been offered a $26M funding package by a group of major banks and retailers, including Coles, Wesfarmers, Woolworths, and Australia Post that would support its operations for six months, but Armaguard declined the offer. Coles responded by reducing withdrawal limits at its supermarkets and liquor stores in preparation for potential disruptions to Armaguard services.
March 27, 2024
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