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16/07/2012
G4S Shares Drop 9% Amid Olympic Security Problems
Shares in security provider G4S fell 9% after announcing that it had failed to recruit enough security staff for the Olympic Games, and could face up to a £50m loss on its contract.
Late on Friday, G4S said it faced a £35m-£50m loss on the £284m contract after admitting that it did not have enough staff to cover the Games.
The government has now had to draft in 3,500 troops to cover the shortfall.
Amid rumours of senior job losses over the failure, G4S chief executive Nick Buckles has waived his bonus and will appear before the Commons Home Affairs Select Committee on Tuesday.
Over the weekend he admitted he was "bitterly disappointed" at his company's failure to meet the terms of the contract.
Stockbroker Seymour Pierce has removed its "buy" rating on the company and reduced its profits forecast by £60m. Other brokers have also downgraded the company.
(H)
Late on Friday, G4S said it faced a £35m-£50m loss on the £284m contract after admitting that it did not have enough staff to cover the Games.
The government has now had to draft in 3,500 troops to cover the shortfall.
Amid rumours of senior job losses over the failure, G4S chief executive Nick Buckles has waived his bonus and will appear before the Commons Home Affairs Select Committee on Tuesday.
Over the weekend he admitted he was "bitterly disappointed" at his company's failure to meet the terms of the contract.
Stockbroker Seymour Pierce has removed its "buy" rating on the company and reduced its profits forecast by £60m. Other brokers have also downgraded the company.
(H)
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21 September 2012
G4S Should Forgo £57m Olympic Security Fee MPs Say
After failing to supply the required number of Olympics security staff G4S should forgo its £57m management fee, a committee of MPs has said. In a report on Olympics security, the Home Affairs Committee go on to argue that G4S should also compensate people who were accredited for Olympics work with the firm but not given any shifts.
G4S Should Forgo £57m Olympic Security Fee MPs Say
After failing to supply the required number of Olympics security staff G4S should forgo its £57m management fee, a committee of MPs has said. In a report on Olympics security, the Home Affairs Committee go on to argue that G4S should also compensate people who were accredited for Olympics work with the firm but not given any shifts.
17 July 2012
G4S Chief Executive Regrets Taking Olympic Contract
The chief executive of security firm G4S, Nick Buckles, has said he regrets that the firm ever took on the Olympic security contract. Telling the Home Affairs Select Committee that G4S had taken on the contract to enhance its reputation, he agreed it has become a "humiliating shambles".
G4S Chief Executive Regrets Taking Olympic Contract
The chief executive of security firm G4S, Nick Buckles, has said he regrets that the firm ever took on the Olympic security contract. Telling the Home Affairs Select Committee that G4S had taken on the contract to enhance its reputation, he agreed it has become a "humiliating shambles".
24 July 2012
G4S Staff Allegedly Allowed To 'Cheat' On X-Ray Scanner Tests
G4S security staff are allegedly being allowed to “cheat” their way through tests for operating bomb and weapons detecting x-ray machines, further questioning the credibility of the Olympic security operation.
G4S Staff Allegedly Allowed To 'Cheat' On X-Ray Scanner Tests
G4S security staff are allegedly being allowed to “cheat” their way through tests for operating bomb and weapons detecting x-ray machines, further questioning the credibility of the Olympic security operation.
12 February 2013
G4S Lose £70m Over Olympic Security Failures
Losses incurred by security firm G4S, who were contracted to provide security for the London 2012 Olympics, have risen to an estimated £70m after reaching a compensation agreement with the Games’ organising committee, Locog.
G4S Lose £70m Over Olympic Security Failures
Losses incurred by security firm G4S, who were contracted to provide security for the London 2012 Olympics, have risen to an estimated £70m after reaching a compensation agreement with the Games’ organising committee, Locog.
28 September 2012
G4S Bosses Resign After Olympic Security Review
Following a MPs committee review of the Olympic Games security contract, two G4S have resigned. David Taylor-Smith, chief operating officer, and Ian Horseman Sewell, a managing director, have now left the company. Chief executive Nick Buckles, the public face of the company, however, has kept his job.
G4S Bosses Resign After Olympic Security Review
Following a MPs committee review of the Olympic Games security contract, two G4S have resigned. David Taylor-Smith, chief operating officer, and Ian Horseman Sewell, a managing director, have now left the company. Chief executive Nick Buckles, the public face of the company, however, has kept his job.
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