{"id":67680,"date":"2017-03-06T07:15:08","date_gmt":"2017-03-06T11:15:08","guid":{"rendered":"https:\/\/stateofthenation2012.com\/?p=67680"},"modified":"2017-03-06T07:15:08","modified_gmt":"2017-03-06T11:15:08","slug":"why-is-a-failed-british-multinational-security-services-company-now-handling-walmarts-cash","status":"publish","type":"post","link":"https:\/\/stateofthenation2012.com\/?p=67680","title":{"rendered":"Why is a failed &#8216;British multinational security services company&#8217; now handling Walmart&#8217;s cash?"},"content":{"rendered":"<p><!--more--><\/p>\n<footer class=\"footer-author\"><time class=\"article-date-published\" datetime=\"2016-04-02T20:19+0100\"><\/time><\/footer>\n<article data-insert-mobile-adslot=\"\">\n<div class=\"articleBodyText section version-2\">\n<div class=\"article-body-text component  version-2\">\n<div class=\"component-content\">\n<h1 class=\"headline__heading\">G4S signs multimillion pound deal to handle Walmart&#8217;s cash<\/h1>\n<p><a href=\"https:\/\/stateofthenation2012.com\/wp-content\/uploads\/2017\/03\/G4S-large_trans_NvBQzQNjv4BqZgEkZX3M936N5BQK4Va8RWtT0gK_6EfZT336f62EI5U.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-67681\" src=\"https:\/\/stateofthenation2012.com\/wp-content\/uploads\/2017\/03\/G4S-large_trans_NvBQzQNjv4BqZgEkZX3M936N5BQK4Va8RWtT0gK_6EfZT336f62EI5U.jpg\" width=\"640\" height=\"400\" srcset=\"https:\/\/stateofthenation2012.com\/wp-content\/uploads\/2017\/03\/G4S-large_trans_NvBQzQNjv4BqZgEkZX3M936N5BQK4Va8RWtT0gK_6EfZT336f62EI5U.jpg 720w, https:\/\/stateofthenation2012.com\/wp-content\/uploads\/2017\/03\/G4S-large_trans_NvBQzQNjv4BqZgEkZX3M936N5BQK4Va8RWtT0gK_6EfZT336f62EI5U-300x188.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>by Rhiannon Bury<br \/>\nThe Telegraph<\/p>\n<p><span class=\"m_first-letter m_first-letter--flagged\">T<\/span>roubled security company G4S has signed a $210m (\u00a3148.8m) five-year deal with Walmart to provide the US grocery behemoth\u2019s cash services across a huge swathe of its American stores.<\/p>\n<p>The Sunday Telegraph can reveal that G4S has quietly begun the installation of its Cash 360 system, which reduces the need to handle cash and limits opportunities for theft through collection points at tills, in 900 Walmart stores, and has confirmed orders for 1,360 stores in total.<\/p>\n<p data-mediaconductor-processed=\"true\">In the future, the company could roll out the system to a further 2,750 stores, it has estimated.<\/p>\n<p>Cash360 works by requiring the cashier to deposit cash into an intelligent safe which detects and removes counterfeit notes, then counts and deposits banknotes into a cash bag.<\/p>\n<p>This cash bag is located inside a safe that is not accessible by the cashier, before later being picked up by G4S and transported in a secure vehicle. It is also possible to link the safe via an online connection to the retailer\u2019s bank so that cash can be credited to the business\u2019s account on a daily basis, improving a business\u2019s cash flow.<\/p>\n<p>Walmart is the US\u2019s biggest private employer and the largest retailer in the world, employing around 2.2 million people to serve more than 260 million customers. It has more than 4,500 stores in the US alone, and reported net income of $4.57bn for the three month period to January 31.<\/p>\n<p>The deal with G4S, which is understood to be currently in the hands of the Bank of America for final sign-off, represents a much-needed shot in the arm for G4S following months of bad news.<\/p>\n<p>The security company\u2019s boss Ashley Almanza <a href=\"http:\/\/www.telegraph.co.uk\/business\/2016\/03\/09\/g4s-shares-tumble-as-it-warns-of-further-losses-from-government\/\">admitted last month<\/a> that G4S should have never entered into a contract to house asylum seekers in the UK, as it revealed Government deals have cost the firm \u00a3265m since the end of 2013.<\/p>\n<p>Mr Almanza said the business case for a number of contracts were not properly evaluated when they were signed in 2012, before he joined the company, and that existing contracts could cost a further \u00a357m.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"htmlEmbed section\">\n<div class=\"html-embed component version-1\">\n<div class=\"component-content\"><iframe loading=\"lazy\" id=\"108c09bb-8bc4-47d7-bc93-aa81ba24fa03\" class=\"tmg-particle-finance-gadget\" src=\"http:\/\/cf-particle-html.eip.telegraph.co.uk\/108c09bb-8bc4-47d7-bc93-aa81ba24fa03.html?ref=http:\/\/www.telegraph.co.uk\/business\/2016\/04\/01\/g4s-signs-multimillion-pound-deal-to-handle-walmarts-cash\/&amp;title=G4S%20signs%20multimillion%20pound%20deal%20to%20handle%20Walmart%27s%20cash\" width=\"300\" height=\"150\" frameborder=\"0\" scrolling=\"no\" data-widget-size=\"responsive\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<div class=\"articleBodyText section\">\n<div class=\"article-body-text component  \">\n<div class=\"component-content\">\n<p><span class=\"m_first-letter m_first-letter--flagged\">I<\/span>t has been embroiled in a number of high-profile controversies in recent years, including in 2012, when the army had to step in because G4S failed to provide enough security staff for the London Olympics. It was also found to have overcharged the Government on criminal tagging contracts.<\/p>\n<p>The company\u2019s share price has dropped 37pc over the last 12 months, from around 308p last April, to a seven-year intraday low of 178.60 in March when the company announced its annual results, before slightly rallying to around 187p last week.<\/p>\n<p>Last month it managed to avoid being downgraded by ratings agency Standard &amp; Poor\u2019s, which reiterated the company\u2019s BBB- rating \u2013 leaving it one notch above junk status.<\/p>\n<p>It also won a \u00a34.7m contract to manage the Northern Ireland civil service estate last week.<\/p>\n<p>G4S declined to comment on the deal. Walmart could not be reached for comment.<\/p>\n<p>___<br \/>\n<a href=\"http:\/\/www.telegraph.co.uk\/business\/2016\/04\/01\/g4s-signs-multimillion-pound-deal-to-handle-walmarts-cash\/\">http:\/\/www.telegraph.co.uk\/business\/2016\/04\/01\/g4s-signs-multimillion-pound-deal-to-handle-walmarts-cash\/<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-67680","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=\/wp\/v2\/posts\/67680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=67680"}],"version-history":[{"count":0,"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=\/wp\/v2\/posts\/67680\/revisions"}],"wp:attachment":[{"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=67680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=67680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateofthenation2012.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=67680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}