The country’s largest banks and retailers have agreed to tip in $25 million to keep Armaguard, the monopoly cash transportation business owned by billionaire Lindsay Fox, operating until the end of the year.

The companies – Commonwealth Bank, Westpac, National Australia Bank, ANZ, Coles, Woolworths, Bunnings and Australia Post – last year paid Armaguard some $50 million to keep operating after the Fox family suggested it was not profitable and could shut.