Brink's Waterford to close at the end of March
There has been a cash-in-transit base in Waterford since the 1970s. File photograph
The Brink's facility in Waterford is set to close at the end of March, Waterford News & Star can reveal.
Up to 40 employees could be directly affected by the closure of the business in Waterford.
The cash-in-transit base in Waterford was set to close in 2020 when Brink's Cash Services Ireland confirmed that the branch, alongside those in Cork and Galway, would be impacted by restructuring.
At the time as many as 46 staff at the plant were notified of the impending closure with SIPTU organiser Brendan Carr saying at the time it was due to "cash coming out of the system due to Covid-19".
Waterford News & Star understands that the number of people employed at the Waterford branch has shrunk slightly in recent years, following the decision to keep the Waterford base open against the 2020 plans.
The closure of the site comes following reports that pre-tax profits at the Irish arm of the company more than halved to just €449,000 in its completed accounts for 2023 from €1.054 million. The US-owned company experienced a slight bump in revenue but saw significant redundancy costs of €1.3 million. Despite overall headcount decreasing by 16 from 500 to 484, staff costs increased from €16 million to €18.7 million.
Brink's has been contacted for comment and any comment received following the publication of this article will be added online.
