The Co-operative Group reaches agreement to sell Sunwin Services Group business for £41.5 million
The Co-operative Group ("the Group") announces today that it has entered into a definitive agreement to sell its Sunwin Services Group business to Cardtronics for a total consideration of up to £41.5m*, payable in cash. The transaction is expected to complete in November 2014, following the fulfilment of a number of required steps to separate the Sunwin Services Group business from The Co-operative Group.
The Sunwin Services Group includes the following services
- Cash & Valuables in Transit
- ATM Support
- Sunwin Managed Security
All 1,500 Sunwin Services Group colleagues will transfer under TUPE regulations to Cardtronics who will also take on the Head Office in Bradford and 14 regional depots.
The Co-operative Group has also entered into a commercial contract with Cardtronics for the operation of the ATM estate within The Co-operative Food stores, commencing no later than January 2016.
Richard Pennycook, Interim Group Chief Executive said:
"I am pleased that we have reached agreement with Cardtronics for the sale of the Group's Sunwin Services Group business. Cardtronics is a world-leader in managing ATMs, and the sale to this organisation will result in continued excellent service levels to those businesses and individuals that use their products and services. Sunwin Services Group and its employees have delivered an excellent level of service, and I have no doubt the business will continue to develop further.”
Pinsent Mason is acting as legal adviser to the Group on this transaction.
*total consideration dependent on profile of ATM estate at time of migration
For further information contact:
The Co-operative Group
Russ Brady / Catherine Turner / Craig Browsnell
Tel: 07880 784442 / 07834 090783 / 07843 648467
Tel: 020 7353 4200