Cash separation review

On 13 December 2018, the Group announced that it was reviewing options for the separation of its Cash Solutions and Security Solutions businesses. This has been an exhaustive and thorough process covering strategy, legal, tax, commercial, pensions, operational and financial review

Our separation review is now complete and the Board has approved the separation of Cash Solutions from the business.  As a result, we have set in train plans for a demerger of Cash Solutions in H1 2020.  We believe that this will create two strong, focused businesses each with the clear potential to capitalise on market leading positions and to unlock substantial value for customers, employees and shareholders.  

Since announcing the separation review in December 2018, we have received a number of unsolicited expressions of interest from third parties to acquire parts or all of the Cash Solutions businesses. The company has actively engaged with these parties and the Board will continue to evaluate proposals for all or parts of the business alongside the implementation of our demerger plans, although no assurance can be provided at this stage that any third party proposals will lead to a transaction.
In addition to the separation of Cash Solutions, the Group will be managing for value or exiting a number of non-core businesses and implementing programmes to deliver further identified operational efficiencies.  We expect that, over time, these combined actions will provide further financial strength and flexibility to support the attractive growth opportunities in our core businesses.

In summary, the separation and related corporate actions will create two companies - a Global Secure Solutions business and a Global Cash Solutions business – and enable each business to benefit from:

  • Strategic, commercial and operational focus
  • Simplified operating model with resulting execution focus
  • Efficient organisation structure
  • Financial strength and flexibility
  • Increased investment in Technology, Innovation, Sales and Operations