Aug 9, 2019

G4S to spin off cash handling business in first half of 2020

British contractor G4S plans to separate its cash handling business in the first half of 2020, leaving it as purely a provider of security services. The decision comes after the FTSE 250 group - which runs prisons and detention centres as well as transporting cash for large companies - launched a review process last December to look into splitting its two principle units: cash and secure solutions. "Our separation review is now complete and the board has approved the separation of cash solutions from the group. As a result, we have set in train plans for the demerger of cash solutions in the first half of 2020," said G4S chief executive Ashley Almanza. G4S said it had already received a number of "Unsolicited expressions of interest" from third parties for parts or all of the cash business. The announcement came as the group reported revenues of £3.81bn for the first half of 2019, up 3.8 per cent compared to the previous year.

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