Jacob and Hefeld took their positions either side of the factory gates. They were waiting for the car, driven by Mr Schnurmann's chauffeur, Joseph Wilson. Mr Wilson, together with the office boy Albert Keyworth, were expected to arrive with the weekly payroll which they had been sent to collect from the bank in Hackney.

When the car arrived, the moneybag was carried by Albert Keyworth. As he entered the factory gates, Jacob grabbed him from behind and attempted to snatch the money. Keyworth resisted, and the two men began to struggle on the ground. Keyworth called out to the chauffeur for help, and Jacob held the boy round the throat and squeezed, in an attempt to force the lad to release the bag.

Wilson, the chauffeur, pulled Jacob off the boy, and at this point Hefeld produced a gun and fired several shots at Wilson. Wilson's life was preserved by his thick, heavy motoring coat and the fact that he was wearing several layers of clothing due to the very cold weather at the time.

A witness, George Smith, who was out for a walk, had hidden behind the car. By this time Jacob had hold of the moneybag and had begun to run with it. Smith pounced on him and threw him to the ground. Hefeld fired four shots at Smith, and Jacob was able to get up and continue running with the money, which he put inside his jacket. Hefeld joined him and both men ran down Chesnut Road, firing as they went.