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Union questions BoE over cash shortage fears as G4S staff to strike

12/01/2022 | 11:22am EST

(Alliance News) - Unions have warned that businesses and customers could face cash shortages as it urged the Bank of England to help find a solution over planned strikes at security firm G4S.

Cash delivery workers at G4S are set to strike from 3am on Monday, December 5 after a majority of GMB union members voted in favour of industrial action last week.

The outsourcing firm delivers cash and coins to the likes of Barclays PLC, HSBC Holdings PLC, Banco Santander SA, Tesco PLC and Asda.

The security operator and outsourcing firm said it has "contingency plans" to mitigate disruption if the strike goes ahead.

On Thursday, the GMB union wrote to the Bank of England's chief cashier warning that cash supply and security could be weakened as a result of the strike.

In the letter, the union asked the bank whether G4S is planning to use agency staff without full CRB check and SIA Licences.

It also asked if the bank has been reassured over minimum staffing levels and assurances on holding excess cash.

The union said it believes the Bank of England pressured the company to improve its pay offer on the previous occasion G4S cash staff voted in favour of industrial action due to insurance demands regarding minimum staffing.

The company said it has no plans to use agency staff without licences in response to any action.

G4S, which was taken over by American firm Allied Universal for GBP3.8 billion last year, has tabled an offer of a 6.5% pay rise from January.

The company has also tabled an offer of an 8.5% rise from January, with a further increase of a minimum of 2.5% and maximum of 5%, depending on the rate of CPI inflation, to start in January 2024.

The two-year deal would see cash drivers outside of London paid GBP14.19 from the start of next year and a minimum of GBP14.55 the following year.

For cashiers, this would see pay of GBP10.63 from January next year and a minimum of GBP10.90 from 2024.

Eamon O'Hearn, GMB national officer, said: "G4S Cash staff are low paid workers doing a dangerous job, transferring the cash so many of us still rely on every day.

"All they are asking for is a wage they can live on. Where they're not worried about their bills or providing for their families.

"These staff provide a vital service. If they walk out, there is a real risk of cash shortages over the festive period."

A G4S spokesman said: "We're disappointed that the GMB has refused to take our latest offer to our employees for their consideration, but we will continue to engage with both parties in the hope of reaching an amicable agreement.

"We have been in regular contact with our customers and in the event of a strike, we have contingency plans to minimise disruption to cash services across the country."

A Bank of England spokesman said: "For security reasons we do not discuss the details of banknote distribution activities in the UK.

"The effectiveness, resilience and sustainability of that distribution, including its security, is a priority for the Bank of England and we continue to engage with relevant stakeholders, including G4S, to that end."

source: PA

Copyright 2022 Alliance News Limited. All Rights Reserved.

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.00% 0.5737 Delayed Quote.2.78%
BANCO SANTANDER, S.A. 1.86% 3.4985 Delayed Quote.24.84%
BARCLAYS PLC 0.13% 188.64 Delayed Quote.19.00%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.09% 0.618846 Delayed Quote.0.71%
EURO / BRITISH POUND (EUR/GBP) 0.00% 0.89542 Delayed Quote.0.80%
GMB CORPORATION 0.55% 725 Delayed Quote.4.47%
HSBC HOLDINGS PLC 0.96% 596.7 Delayed Quote.15.71%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.96% 0.010067 Delayed Quote.-0.26%
TESCO PLC -0.77% 246.4 Delayed Quote.9.90%
US DOLLAR / BRITISH POUND (USD/GBP) 0.00% 0.829669 Delayed Quote.-1.04%
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Sales 2022 25 054 M 30 302 M 30 302 M
Net income 2022 4 924 M 5 955 M 5 955 M
Net Debt 2022 - - -
P/E ratio 2022 6,43x
Yield 2022 3,79%
Capitalization 29 950 M 36 223 M 36 223 M
Capi. / Sales 2022 1,20x
Capi. / Sales 2023 1,14x
Nbr of Employees 81 600
Free-Float 99,6%
Duration : Period :
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 188,64 GBX
Average target price 236,74 GBX
Spread / Average Target 25,5%
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C. S. Venkatakrishnan Group Chief Executive Officer & Director
Angela Anna Cross Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Global Head-Compliance Services
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