G4S receives 71% of cash sale proceeds from Brink's

The security company said Brink's had paid it 71% of the money from the sale. The enterprise value was £727m and net cash proceeds will be about £670m. Most of the remaining money will be paid during 2020, G4S said.

G4S announced the sale of most of its cash handling operations to the US company in February. At the time G4S said it expected to receive about three-quarters of the proceeds in the first half of the year.

"The sale of the majority of the conventional cash businesses greatly enhances the group’s strategic, commercial and operational focus and strengthens further its financial position," G4S said.

G4S said at the end of December it had liquid resources of £1.3bn. Bank loans and loan notes were £2.3bn with £56m scheduled for repayment in 2020.