|G4S donates £2.5 million to British military|
|Monday, 13 August 2012 09:36|
Every single person who attended an Olympic event or simply walked through London this month has been aware of the armed forces patrolling London 2012 venues. Most are also aware that the 18,200 members of the Army, Navy and Air Force who provided security for the Olympics did so in the wake of a reputation-damaging catastrophe for security firm G4S.
What began as a £284 million contract for G4S has turned into a £700 million loss to the company's market value and a 'humiliating shambles' according to CEO Nick Buckles. In an effort to begin restoring the company's reputation, it has made a £2.5 million donation to the armed forces by the security firm.
G4S, which failed to supply a 10,400-strong security team for the Olympics, was bailed out by the British military, which has been a note-worthy addition to the Games. A spokesperson for G4S told the BBC, 'We wanted to recognise the huge contribution made by the military after it became clear that there would be shortfall in workforce delivery.'
G4S's failure resulted in an initial 17% drop in the market value of the FTSE 100 company. It has now rebounded slightly to 261.8 per share from its nadir of 241.6 on 23 July.
The reputation-shattering ordeal has perhaps prompted G4S to donate the sum to the military. The £2.5 million will go toward sporting equipment, welfare and support for athlete servicemembers.
'The day-to-day working with G4S has been exceptional and I would like to pay tribute to the G4S staff and volunteers,' General Sir Nick Parker told the Guardian. 'Working side by side I believe they are doing a very professional job in providing Olympic security.'