G4S to cut over 1,000 jobs as UK cash handling business hit by lockdown
[LONDON] Security services provider G4S said on Monday it would cut jobs in its UK cash business as it struggles with falling demand for paper money amid a switch to digital payments during the coronavirus-led lockdown.
More than 1,000 jobs were at risk, trade union GMB said, adding that it was in talks with the London-listed firm "to try and save as many roles as possible."
"Following a review of our Cash Solutions operational footprint in the UK, we are proposing to reshape the business," Paul van der Knaap, G4S' managing director for cash solutions in the UK, said in an e-mailed statement.
In an attempt to focus on its core operations, the private security services provider in February sold majority of its cash handling businesses to US peer Brinks, barring some parts, including the UK operations. Shares of G4S were up 9.2 per cent to 130.4 pence, after the company forecast promising earnings earlier in the day.
REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife customers push for legal action