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Banks urged to back Armaguard before country’s only cash handler faces bankruptcy

Article image for Banks urged to back Armaguard before country’s only cash handler faces bankruptcy

A key cash distribution company is teetering on the brink, but could be thrown a lifeline from the banking sector.

Armaguard is only guaranteeing it’ll stay in business until mid-next-week, claiming a decline in cash use is driving large losses.

The banks have offered a multi-million-dollar rescue package – the company has until close-of-business today to respond.

“It’s a no-brainer: this is the most trusted, and now the only, name in cash-in-transit in this country; there is a strong cash for need still, and there will be for some time,” TWU National Secretary Michael Kaine told Gary Adshead on 6PR Mornings.

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Gary Adshead
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