G4S to slash more than 1,000 jobs as company restructures

Outsourcing giant G4S is to slash more than 1,000 jobs as the company restructures.

It is understood 1,150 jobs are at risk, the majority of which will be cash handlers.

The cuts come after people used less cash at banks and retailers during lockdown - a trend that is expected to continue.

Paul van der Knaap, managing director of G4S Cash Solutions UK, said: "Following a review of our cash solutions operational footprint in the UK, we are proposing to reshape the business to better align it with the changing needs of our customers.

“Regrettably this will result in a reduction in headcount, and today we have entered into a period of consultation with affected staff."

He added: “We are working closely with unions and individuals to offer opportunities for redeployment within the group.”

Roger Jenkins, GMB National Officer, said: "These cuts are devastating for our members and their families. GMB will fight to the end for every single job.

“They are also another worrying step towards a cashless society - the cash industry really is on a knife edge."

He added: "The collapse of cash industry could have a terrible impact on the elderly and most vulnerable and wreak havoc on small and medium enterprises which rely on cash transactions.

“GMB is calling on the Government to take action to protect the cash industry and all those who will be hit hard is it disappears.”

The jobs losses have been unveiled despite the company saying this morning that first half earnings will be "significantly above market consensus" due to a resilient trading performance in June.

The company has been boosted during the pandemic by providing security services to Covid-19 testing sites and NHS Nightingale hospitals.

Shares rose 9% or 10.6p at 130p.