BackG4S to cut over 1,000 jobs as UK cash handling business hit by lockdown
Following a review of their Cash Solutions operational footprint in the UK, G4s proposes to reshape the business with more than 1,000 jobs at risk
PremiumSecurity services provider G4S said on Monday that 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% to 130.4 pence, after the company forecast promising earnings earlier in the day.
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This story has been published from a wire agency feed without modifications to the text.
