Security company G4S to cut jobs
THE biggest security firm in the country is to cut jobs and reduce pay for remaining staff as it seeks to restructure its cash-in-transit business.
G4S is to reduce staff numbers on the cash-in-transit side of its business, where 650 staff are involved in moving money around the country for banks and other big customers – as it deals with what the company called "structural" problems in the industry.
The firm's Ireland head Niall Feely said the business was unsustainable in its current form and needed to reduce its cost base.
The review of the business is believed to have been initiated by G4S's UK parent company. Accounts for G4S Cash Services Limited show the company made some €4m in 2010 – the most recent available accounts for the business. That profit, however, was due mainly to a one-off gain from the curtailment of the company's pension scheme. The company had accumulated losses of some €1.3m at the end of the year.
Mr Feely said the company had not made a final decision on the exact number of job cuts, but confirmed pay cuts and redundancies were planned.
"We will be holding talks with unions over the next couple of weeks so we will have to see how we proceed from there."
G4S employs about 3,000 people nationwide, but only the cash management business, which has about 650 staff, will be affected by the restructuring.