Aug 20, 2018

G4S shares dip after government takes over Birmingham prison

Shares in G4S dropped by 2.5 per cent after the UK government assumed control of Birmingham prison, which it runs. Chief inspector Peter Clarke said he was "Astounded" that the prison had "Been allowed to deteriorate so dramatically over the 18 months since the previous inspection". He added that he had "No confidence in the ability of the prison to make improvements". G4S took over the running of HMP Birmingham in 2011 on a 15-year contract, as part of a wider move to bring in more competition into the prison service. A few minutes into trading, shares were down by 2.5 per cent at 245.9p..

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