Progress on completion of conventional cash transaction
Under the agreement with Brink’s, the Group has sold the majority of its conventional cash businesses for an enterprise value of £727 million, with expected net cash proceeds of approximately £670 million. The substantial majority of the remaining completions are scheduled to occur during 2020.
The sale of the majority of the conventional cash businesses greatly enhances the Group’s strategic, commercial and operational focus and strengthens further its financial position.
As reported in our 2019 annual results, as at 31 December 2019 the Group had substantial liquid resources of £1.3 billion comprising cash, cash equivalents and bank overdrafts of £0.5 billion and committed, unutilised credit facilities of £0.8 billion. The Group had gross outstanding bank loans and loan notes of £2.3 billion as at 31 December 2019 of which only £56 million is scheduled for repayment in 2020.
For further enquiries, please contact:
Helen Parris, Director of Investor Relations, +44 (0) 207 9633189
Sophie McMillan, Head of Media, +44 (0) 759 5523483
Press office, +44 (0) 207 9633333