Securitas intends to exit Loomis Cash Management (LCM) in the UK

Securitas intends to exit Loomis Cash Management (LCM) in the UK

Securitas AB, HSBC Bank plc and Barclays Bank plc have signed a Heads of Terms
agreement regarding the intention of Securitas' cash handling division Loomis to
exit the LCM cash handling services that it provides to the two banks in the
United Kingdom. The Heads of Terms contemplate that the exit will occur during
the fourth quarter of 2007.

LCM is a company jointly owned by Loomis (with 75 percent) and HSBC and Barclays
(each with 12.5 percent), and has 2,300 employees. 

LCM was created in 2001 when Barclays and HSBC outsourced their handling of
physical and cash (notes and coins) in the UK. LCM took over 28 cash centres
distributed throughout the UK from the two banks and from Securitas. LCM also
had transferred over to it all the two banks employees involved with the
handling as well as existing work procedures and reconciliation methodologies.
During the period 2002-2004, the banks' 28 cash centres were consolidated and
reduced in number to 17.  New work streams and work methods were developed and
implemented and the efficiency of the operations was improved, e.g. a new IT
system was implemented.  

Securitas and the banks have agreed that the intention is for Loomis to transfer
the part of the business relating to management of cash for HSBC and Barclays
back to those banks. The Heads of Terms contemplate that the transfer will take
place during the fourth quarter of 2007, that the LCM business will continue
unchanged until the exit date, and that the transfer will be completed without
any interruption of services to customers. 

Loomis and Securitas continue their ongoing internal investigation into the
historic variances and additional stock takes are planned before the exit. The
final results of these stock takes will be known during the second half of 2007.


Including the retained business from LCM, Loomis UK will have annual sales of
MGBP 125 with some 2,500 employees in 32 locations throughout the UK.  It will
continue to focus on Cash Transport and Cash Processing as one of the market
leaders in cash handling services in the UK. The Loomis Cash Handling Services
Group will after the transaction have 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


Information:
Gisela Lindstrand, Senior Vice President Corporate Communications and Public
Affairs, Securitas AB, phone +46 70 287 8662
Thomas Backteman, Communications Director, Loomis AB, phone +46 709 711266