Loomis sells Loomis Cash Management (LCM) operation in the UK
Loomis AB’s cash handling operation in the United Kingdom Loomis Cash Management Ltd (LCM) has sold its fixed assets and operation to Vaultex UK Ltd jointly owned by HSBC Bank plc and Barclays Bank PLC. The hand over of operation, assets and employees has taken place on November 24, 2007.
The sale of the fixed assets and the operations will result in a loss of approximately MSEK 160 (MGBP 12) due to a lower transaction price than book value and a provision made for warranties agreed with the buyer. The loss will be accounted for in the fourth quarter 2007.
On November 24, 2007 a final stock take of all cash was made. The reconciliation of all accounts and the results of the stock take are expected to be known at the latest when the Year End Report 2007 is published on February 12, 2008. Any changes in the provision of MSEK 824 (MGBP 61) established as of December 31, 2006, for historic variances, will be known at that time.
As announced on August 7, 2007, the Bank of England is investigating non-compliance of declarations made to the Bank of England under the Note Circulation Rules (the NCS rules). The investigation continues.
Loomis UK will after the sale continue to focus on Cash Transport and Cash Processing as one of the market leaders in cash handling services in the UK. Loomis AB has after the transaction annual sales of nearly 11 billion SEK with some 20,000 employees in eleven countries in Europe and in the USA.
This press release is also available at: www.securitas.com
Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, phone +46 8 657 7332 or +46 70 287 8662