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G4S apologises and estimates £50m loss

G4S apologises and estimates £50m loss
The Chief Executive of private security firm G4S has apologised for his company’s failure to provide sufficient security staff for the Olympics.

Nick Buckles said in a statement he was “deeply disappointed” that his company has not been able to “fully deliver” their contract with the London Organising Committee of the Olympic and Paralympic Games.

G4S said it would see a loss on its Olympic contract of between £35 and £50 million, and would bear the cost of the additional military personnel.

Earlier in the day David Cameron said G4S should be "pursued" for failing to deliver on its Olympic contract.

This morning it emerged that G4S would face no penalty for failing to provide sufficient guards for the Olympics, as the contract with the firm is said to be pro-rata and includes no penalty clauses for failure.

However the Prime Minister said he was "absolutely clear" that if companies failed to deliver on their contract "they should be pursued for that money".

"I chaired a meeting of the key Cabinet ministers this morning – Culture, Media and Sport, Transport, the Home Office and one or two others - to make sure we do everything necessary to deliver a successful, safe and secure Games," he added.

"We’ll take all necessary measures to make sure that happens."

The Home Affairs Committee has asked G4S chief executive Nick Buckles to give evidence on Olympic security on 17 July.

Margaret Hodge, the chair of the Public Accounts Committee, told Radio 4's PM it was "imperative” that private companies taking on public contracts operate with “total transparency”, and criticised Olympics organiser Locog for “hiding behind commercial confidentiality” over their dealings with G4S.

“Where public money is being used, hiding behind commercial confidentiality is simply not good enough," she said.

"If you’re a private company that chooses to take a contract that is funded by the taxpayer, you have to be open about this, you cannot hide behind commercial confidentiality, and we the taxpayers must know whether we’re getting value or whether we’re being ripped off."

 

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