The Heads of Terms have framed the exit to occur between October and December this year.
Loomis Cash Management is a company jointly owned by Loomis (75% stake), HSBC (12.5%) and Barclays (12.5%). Employing 2,300 in the UK, the company was formed in 2001.
According to an official Securitas AB statement from Sweden, Securitas and the banks involved have agreed that the intention is for Loomis to transfer the part of the business relating to cash management back to HSBC and Barclays.
During 2002-2004, the banks’ 28 UK cash centres were consolidated and reduced to 17. New work streams and methods were developed and implemented, and operational efficiency improved (including the introduction of updated IT systems).
Securitas AB will publish its report for January-June 2007 on 7 August at 8.00 am (CET). A press statement will be available here immediately after publishing.
The company’s CEO Alf Goransson will present the report at Securitas’ Stockholm hq, and will take the opportunity to reveal ‘The Securitas Strategy’ for the coming years.