'Death spiral' warning amid cash firm job fears

Loomis services cash machines and supermarkets

A union has warned the UK's cash system is facing a "death spiral" with a cash transit company planning to shed a fifth of its national workforce.

The GMB said the Nottingham-based UK arm of Loomis was planning to cut 312 jobs across 19 centres around the country.

The firm provides service to thousands of Tesco cash machines and stores.

Loomis would not confirm how many jobs were going but said a consultation was under way.

'Terrible impact'

Roger Jenkins, GMB national officer, said: "This is a hammer blow for members and their families.

"GMB will fight for the jobs of dedicated staff at Loomis who support access to cash to those who need it come rain or shine.

"Our country's cash infrastructure is facing a death spiral. The collapse of the cash industry could have a terrible impact on the elderly and most vulnerable, and wreak havoc on a whole host of businesses that rely on cash transactions."

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GMB said a report in June found more than half of all payments in 2019 were made by card.

It also found withdrawals at ATMs fell by two-thirds in the early weeks of coronavirus before levelling out at half-normal levels.

A Loomis spokesperson said: "We are currently in consultation with parts of our workforce whose roles may be at risk.

"We are working closely with those affected and are unable to provide further details while the process is under way."

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