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Business

Suppliers for new £50 note chosen

Security print firm, De La Rue, secured the bank note contract amidst a period of change and uncertainty.

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De La Rue has been selected by the Bank of England to supply polymer for the new £50 notes

The printing company experienced a period of financial strain following the loss of the post-Brexit passport printing contract which will result in around 270 jobs being cut by Autumn.

What’s more, following the departure of the firm’s chief executive officer, Martin Sutherland, shares in the company fell by nearly 30%.

Despite this, the firm was chosen by the Bank of England in June to jointly supply polymer substrate for the new £50 bank notes utilising its Safeguard product.

The deal is a progression from the 2017 contract - in which it produced 25% of the new £20 notes -as it has now been awarded 45% of the £50 note contract. CCL Secure will produce the remaining 55% with the next call-off due to take place in 2020.

This new contract is an important strategic milestone as we continue to increase our share of the fast-growing polymer market

The eight-year contract also includes future production of polymer for the current £5 and £10 banknotes.
The companies will begin supplying polymer under the new contract in 2020, with the new £50 notes being made up of the same composition as the current £5, £10, and £20 notes.

Prior to his departure, Martin Sutherland says: “This new contract is an important strategic milestone as we continue to increase our share of the fast-growing polymer market.

“We have a long-standing relationship with the Bank of England designing and printing banknotes – and now supplying Polymer substrate, which we believe will continue to go from strength to strength in the future.”

If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter and LinkedIn.


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