2 PAYMENT METHOD PROFILES: CASH
U.K. Cash-in-Transit and Cash Processing Markets Historically, the two largest providers in the UK Cash-in-Transit (CIT) market are G4S and Loomis, with market shares of 58% and 28%, in 2007 respectively. 142 Financial information about UK companies is available via Companies House and inevitably, both companies have been impacted by the decline in U.K. cash volumes.
Cash-in-Transit Costs
-£25,000 £25,000 £75,000 £125,000 £175,000 £225,000 £275,000
2023
2018
2013
2023
2018
2013
G4S Cash Solution (UK) Limited
Loomis UK Limited
Revenue Cost of Sales
Administrative Expenses
Other Expenses
Operating Profit/Loss
Graph 2.5
Combined G4S and Loomis revenues have fallen from £358 million in 2013 to £186 million in 2023. The industry was making losses in both years despite significant cost-cutting and consolidation, with Loomis purchasing Sunwin from Cardtronics in 2015 and the Post Office exiting the retail CIT market entirely in 2017. 143, 144 This outcome reflects the reality of a declining market with relatively low barriers to entry. Additionally, the U.K. is a densely populated country, so CIT companies do not have as much regional market power compared to sparser populated countries such as the U.S., where we have observed the market to be more profitable. Cash processing in the U.K. is dictated by the Note Circulation Scheme (NCS), which allows licensed third-party cash processors to house and circulate Bank of England banknotes off-balance sheet. 145, 146 The role of the central bank, the Bank of England, is simply to issue banknotes to NCS members, withdraw banknotes when a new series is launched and destroy banknotes no longer fit for circulation. There are four members of the U.K.’s NCS: G4S, Vaultex (a joint venture between Barclays and HSBC), NatWest (owned by RBS) and the Post Office. 147
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