G4S head downplays possible sale of security firm

The proposed sale of multinational security services company G4S is not expected to have an impact on operations in Barbados.

That is according to G4S’s Regional Managing Director James Devers, who said the move by its US rival Allied Universal to take over the security firm is not a done deal.

According to a report in The Guardian, G4S has agreed to a £3.8 billion offer from Allied Universal.

Under the terms of the cash offer G4S shareholders would receive 245p a share.

“The takeover is basically an offer that’s in place and the Board of Directors at G4S has recommended acceptance to the shareholders and now it’s up to the shareholders to make a decision whether they want to accept the offer.

“Allied Universal has 28 days to finalize the documentation related to their offer. There is still an opportunity for GardaWorld, which is another entity that has indicated an interest in G4S as well. So with these types of transactions and the complexities you never know what the outcome will be,” Devers told Barbados TODAY during a Zoom meeting.

“It’s not a done deal so we really don’t know what’s going to happen but the focus right now for G4S (Barbados) is to continue to provide services to our customers, continue to provide services to the Barbados public. Currently, we don’t see an impact on Barbados. But like I said before, the transaction has not closed so we have to wait to see what happens.”

Speaking in relation to G4S’s decision to increase the wages of security staff on the island and the proposed establishment of a National Minimum Wage, Devers said he was happy it would bring a level playing field to the industry.

“This is an initiative that G4S tabled going back to 2009. We believe that this would bring greater parity between all players in the market. While we have been able to maintain our position as an industry leader based on our relationship with our customers, our training, our great staff that we have, it can still be very difficult to compete fairly when other players in the market are offering sub-par wages which they can use to offer lower rates to prospective clients,” Devers said.

“It hurts the sector on a whole so a minimum wage allows us all to compete on a fair, competency-based, level playing field.”

Devers said despite the difficult financial climate brought about by the COVID-19 pandemic, G4S (Barbados) had not laid off any of its staff in 2020.
(randybennett@barbadostoday.bb)