G4S braced for bigger Olympic loss

G4SG4S is set to take a bigger hit over the Olympics security fiasco than the £50 million it originally estimated, according to reports.

The FTSE100 company, which is in the final stages of negotiations with Games organisers Locog, will incur a total loss of between £50 million and £100 million, according to the Sunday Telegraph.

The two sides have been in talks over a final settlement for the £240 million security contract, after G4S failed to provide all of its 10,400 contracted guards. The shortfall left the Government with no choice but to step in with military personnel.

Two G4S directors resigned in the wake of an independent review into the company's botched London Olympics contract, when the group only fulfilled 83% of contracted shifts.

Chief operating officer David Taylor-Smith and Ian Horseman Sewell, who is head of global events, carried the can for the fiasco, but chief executive Nick Buckles stayed in post.

G4S, which is the world's biggest private security company with more than 650,000 staff worldwide, has also lost a Ministry of Defence (MOD) contract to investigate alleged "war crimes" by British troops in Iraq.

G4S' subsidiary - G4S Policing Solutions - which had provided 40 former police officers to the Iraq Historic Allegations Team, had lost the contract it held for two years, the Sunday Telegraph said.

G4S could not be reached for comment. A spokeswoman for Locog said it was still in talks with G4S.

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G4S braced for bigger Olympic loss

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