LONDON (Reuters) – G4S (GFS.L: Quote, Profile, Research, Stock Buzz) plans to shake up the weakest parts of its business and lay off up to 400 UK staff as the new boss of the world’s largest security firm by revenue battles to restore its reputation tarnished by a series of high-profile blunders.
Chief Executive Ashley Almanza said on Tuesday he would sell or restructure 35 poorly performing businesses, accounting for about one twentieth of group turnover, with any disposal proceeds earmarked for higher-growth emerging markets.
LONDON, Nov 5 (Reuters) – G4S said it would shake up
failing parts of its business and lay off up to 400 jobs as the
new boss of the world’s largest security firm looks to improve
its fortunes after a series of high profile blunders.
Chief Executive Ashley Almanza told reporters on Tuesday he
would sell, grow or restructure some 35 units within the
business in order to “sharpen our strategic focus and strengthen
our investment in customer service, organic growth, and
technology and innovation.”
LONDON, Oct 25 (Reuters) – Serco, the global
outsourcing firm battling to save its relationship with the
British government after a series of scandals, said its chief
executive had quit as part of a major reorganisation aimed at
restoring its reputation.
The government, which accounts for about a quarter of
Serco’s revenue, said in July it would not award Serco and rival
G4S any new contracts pending a review of their existing
ones, after an audit discovered they had charged for tagging
criminals who were dead, in prison or not being monitored.
LONDON, Oct 24 (Reuters) – G4S, the world’s biggest
security services firm, said its UK chief executive Richard
Morris had resigned and been replaced by the group’s chief
operating officer Eddie Ashton.
A company spokesman on Thursday confirmed a newspaper report
on the resignation of Morris but declined any further comment.
LONDON, Oct 21 (Reuters) – Merlin Entertainments, whose
attractions include the Madame Tussauds waxworks and Legoland
theme parks, plans to sell at least 20 percent of its shares in
a stock market debut in London next month.
Stronger equity markets have helped to support a pick-up in
new London listings after several years of drought.
LONDON (Reuters) – Workers at Britain’s newly privatized Royal Mail (RMG.L: Quote, Profile, Research, Stock Buzz) postal service voted on Wednesday to strike for 24 hours on November 4 if they cannot reach agreement with the firm on pay and working conditions.
The management of Royal Mail, which listed on the London stock market in a high profile float last week, had expected a vote in favor of strike action and criticized the prospect of a disruption to services in the run-up to Christmas, its busiest time.
LONDON, Oct 16 (Reuters) – Workers at Britain’s newly
privatised Royal Mail postal service voted on Wednesday
to strike for 24 hours on Nov. 4 if they cannot reach agreement
with the firm on pay and working conditions.
The management of Royal Mail, which listed on the London
stock market in a high profile float last week, had expected a
vote in favour of strike action and criticised the prospect of a
disruption to services in the run-up to Christmas, its busiest
LONDON, Oct 2 (Reuters) – Tesco, Britain’s biggest
retailer, posted flat sales 18 months into a 1 billion pound
($1.6 billion) recovery plan for its main home market, a lack of
growth exposed by accelerating sales at rival J Sainsbury
Tesco, the world’s No. 3 retailer behind France’s Carrefour
and U.S. leader Wal-Mart, was once the envy of
UK retailers but has been hurt by falling sales, costly failures
in U.S. and Japanese markets, and an expensive folding of its
unprofitable Chinese arm into a state-run firm.
LONDON (Reuters) – Britain’s Premier Foods (PFD.L: Quote, Profile, Research, Stock Buzz) is focused on expanding Hovis bread, one of its biggest brands, and has no plan to sell the business for now, the company’s chief executive said on Tuesday.
The maker of Mr. Kipling cakes and Bisto gravy has spent years dealing with management changes, refinancing and asset disposals to help cut debt built up before the financial crisis, but its prospects have begun to improve and is now also looking for overseas growth.
LONDON (Reuters) – Britain’s Royal Mail postal service should command a value of as much as 3.3 billion pounds ($5.3 billion) when it makes its stock market debut next month, the government said on Friday as it began taking orders for the selloff.
The sale would be one of Britain’s most significant privatizations since John Major’s Conservative government sold the railways in the 1990s and would give Royal Mail access to the private capital it says it needs to modernize and better compete in a thriving parcels market.