Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
G4S, the UK-based global private security firm has announced plans to restructure its cash-handling operations in the UK, making 1,150 jobs, about a quarter of its G4S Cash Solutions workforce in the UK, redundant. The affected employees include drivers who carry cash for businesses in armoured trucks.
The company’s chief executive officer said that the aim of the restructure was to “better align” the activities of the cash handling operations with customers’ needs. The cash handling business has been negatively impacted by the decreasing number of cash transactions in the longer term, with the coronavirus crisis further exacerbating the trend.
A representative of the trade union GMB said the union would challenge the company’s plans to save jobs and to slow down the trend towards a cashless society.
G4S UK employs about 25,000 people in the UK across seven business areas. The company has recently been at the centre of controversies, including alleged human rights abuses.
Eurofound (2020), G4S UK, Internal restructuring in United Kingdom, factsheet number 101514, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101514.