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Britain’s G4S is open to offers for cash business

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Shares in security contractor rise after confirmation of the move to separate operations that have been hit by ATM and bank branch closures amid rise in digital payments

Security contractor's share price rises after confirmation of move to hive off operations hit by ATM and bank branch closures amid rise in digital paymentsBengaluru — G4S will look at offers for all or part of its cash-transport business after its board approved hiving it off into a separate company in the first half of 2020.

“One of the virtues of the separate cash company that we’re creating is that it has a quite exceptional emerging market footprint,” CEO Ashley Almanza said. “We’re still addressing positive demand for cash services in those markets.” Although use of cash is declining, banks and retailers are increasingly outsourcing handling of notes and coins.The move will enable G4S to focus on its core security business, which was hit by a series of high-profile failures, including not providing adequate security staff for the 2012 Olympic Games in London.

 

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