£70m Olympic loss for G4S

Security company G4S today said it will incur a loss of £70 million on its bungled Olympics contract, more than the £50 million previously estimated.

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G4S chief "deeply regrets" Olympic fiasco

The chief executive of security firm G4S told the BBC Radio 4 Today programme that they "deeply regret" failing to supply enough staff for the Olympics. Nick Buckles said the firm underestimated the task and will have to pay the Ministry of Defence to bring in troops to cover the gap.

He said many of the candidates that applied were students or had come from other jobs so the training period was left until the last few weeks. Mr Buckles added that they only realised in the last 8 or 9 days that G4S would not meet their target.

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