Co-op confirms talks to sell Sunwin
THE Co-operative Group is in talks to sell its Yorkshire-based Sunwin business, which provides security and maintenance services for cash machines.
The mutual has decided that Bradford-based Sunwin Services Group, which has £70m turnover and employs around 1,500 people, is non core and can be sold.
A spokesman said: “Sunwin is up for sale and we are in discussions with a potential buyer, and these discussions are progressing and hopefully we’ll get a deal done, but there are no guarantees.
“This is part of an ongouing process to focus on its core businesses of food, insurance, funeral services and legal services and reducing debt so we can invest in them.”
The Co-op declined to name the potential new owner, but there is speculation it is Cardtronics, a US listed group which describes itself as the world’s largest non-bank operator of cash machines.
Last year Cardtronics acquired Cheshire ATM company Cardpoint, which trades as Cashzone, for £100m.
Sunwin’s security operation is focused on providing support for staff as they transfer cash around the Co-op network. It also offers other services, including in areas such as IT and the installation and monitoring of fire and burglar alarm systems.
