Co-op agrees £41.5m Sunwin sale
THE Co-operative Group has agreed to sell its Yorkshire-based Sunwin business, which provides security and maintenance services for cash machines, to US firm Cardtronics in a deal worth up to £41.5m.
In July, the mutual decided that Bradford-based Sunwin Services Group, which has £70m turnover and employs around 1,500 people, was non core and could be sold.
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 Sunwin Services Group includes cash and valuables in transit, ATM Support and 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, starting 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 Masons is acting as legal adviser to the Co-op on the deal.
