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Cash shortage looms after licence revoked

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17:41 CEST+02:00
Stockholm could face a cash shortage next year, after Sweden's largest cash delivery company had its licence revoked over concerns about staff training.

Loomis was told on Friday morning by the Stockholm County Administrative Board that its permit to deliver cash in the capital would be withdrawn on 29th February next year.

Officials said the company's staff were not properly trained. The failures in the company's training were "comprehensive, systematic and continuing," the County Board said in a statement.

Loomis CEO Jörgen Thunholm said that the withdrawal of the licence was unwarranted. The company has adapted to new rules for staff training, which apply from next July. He added that the company would continue operating as normal.

"We will not accept this decision from the County Administrative Board - it lacks foundation, both legally and otherwise," he said.

The decision can be appealed to the County Administrative Court. Loomis would be able to apply for a provisional licence to carry out deliveries while the appeal was pending, according to Rolf Arbin of the County Administrative Board.

Business leaders expressed concern over the development.

"It is a bit worrying, as they have a market share of over 70 percent," Dick Malmlund, head of security at the Swedish Trade Federation told The Local.

He said he hoped a solution would be found before the decision takes effect.

"There is no company that would be able to take over their contracts at the moment," Malmlund added.

"Nonetheless, it is good that the authorities are taking action on this," he said.

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