Co-op sells Sunwin to US firm Cardtronics
THE Co-operative Group has raised another £41.5m with the sale of its Sunwin business to American group Cardtronics.
Bradford-based Sunwin services and installs cash machines, provides managed security and also cash and valuables in transit.
The Co-op said all 1,500 Sunwin Services Group staff would transfer under TUPE regulations to Cardtronics, which is also taking on the head office and 14 regional depots.
The deal 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 Manchester-based mutual.
The Co-operative Group, which has recently sold its farms and pharmacies divisions to pay down its debt and allow it to invest in its food business, has entered into a commercial contract with Cardtronics to operate the cash machines in its store.
Commenting on the sale, Richard Pennycook, interim group chief executive said: “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 Co-op on the deal.
