The challenge of the London Olympics on the Cash In Transit industry is extensive; the local road network is set to be incredibly busy and congested throughout the Games.
With 11 million spectators travelling to the venues in London and other places all over the UK, traffic disruptions are expected to be widespread, not only affecting commuters but also local residents, businesses and freight. Additionally, local area management plans will regulate the road network around each individual area.
However the restrictions away from this are controlled by each borough and out of the 32 London Boroughs none have yet announced these plans. This tempered with site specific access restrictions (Westfield, London Underground, and Network Rail) makes planning for cash in transit services somewhat challenging.
The risk of not being able to directly access customer sites is significant. Thankfully our Risk and Operational teams are rising to the challenge and are preparing extensive plans to deliver our services against the available data, and customer requirements.
Remember that all this is against a backdrop of increased cash usage. The Payments Council are forecasting a increase circa 30%, while the Visa report on London 2012 Olympics forecasts a £750 million increase in consumer spending.
In addition to this planning, Loomis has also worked to anticipate many of the challenges which will affect retailers during this period. With a range of solutions which include increased indemnities, short term safe provision and foreign currency services, Loomis are working with their clients to safeguard their profits.
“For most athletes, and many sportsmen and women, the Olympics are the biggest challenge and pinnacle of their career." said Ashley Bailey, Managing Director of Loomis UK.
"Like the athletes, I am delighted that at Loomis we have been preparing for this event for several months and we are in peak condition to help the UK and it’s businesses effectively overcome the challenge.