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12/02/2013
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 were unable to supply the agreed number of security personnel their contract had called for with the government having to turn to the military to make up the shortfall.
G4S chief Nick Buckles said he was "pleased" to have concluded talks.
"Whilst we are extremely disappointed to find ourselves in this position, we are pleased to have concluded these negotiations with Locog," said Mr Buckles.
"We have accepted responsibility for the security workforce issues and, as a result of the settlement terms which we have announced today, have ensured that the overall cost to the taxpayer has been reduced significantly against the planned cost."
(H)
G4S were unable to supply the agreed number of security personnel their contract had called for with the government having to turn to the military to make up the shortfall.
G4S chief Nick Buckles said he was "pleased" to have concluded talks.
"Whilst we are extremely disappointed to find ourselves in this position, we are pleased to have concluded these negotiations with Locog," said Mr Buckles.
"We have accepted responsibility for the security workforce issues and, as a result of the settlement terms which we have announced today, have ensured that the overall cost to the taxpayer has been reduced significantly against the planned cost."
(H)
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In a shake up of the private security industry announced today bouncers and wheel clampers will have to be licensed and regulated by the new Security Industry Authority (SIA). The measures are designed to protect the public from rogue operators and create higher standards of recruitment and training for private security operatives and managers.
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G4S Bosses Resign After Olympic Security Review
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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.
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.
16 July 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.
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.
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