Securitas withdraws from UK cash handling

Swedish security firm Securitas is pulling out of its cash handling operation in the UK. The company, Loomis Cash Management, has 2,300 employees.

Securitas and banks HSBC and Barclays have agreed that the part of the operation that affects the banks will be transferred over to them in the final quarter of this year.

“Loomis and Securitas are continuing their ongoing internal investigation into the historical digressions and further balancing up is planned before the transfer. The result of this will become clear in the second half of 2007,” wrote Securitas in a press statement.