Banknote printer De La Rue has announced it has officially signed a new 10 year contract with the Bank of England.
The firm, which employs more than 400 people at its Team Valley operation, was last month named as preferred bidder for the contract to print bank notes for the Bank of England.
The Bank has completed assurance activity on De La Rue’s bid and the contract has now been finalised.
The relationship between the Bank of England and De La Rue, which employs 400 people at its Team Valley operation, dates back many years.
Most recently De La Rue has been printing banknotes at the Bank’s facility in Debden, Essex under a contract the Bank awarded in 2003 and which is due to come to an end in April 2015.
Philip Rogerson, De La Rue chairman, said: “We are delighted with the Bank of England’s decision to award this prestigious and important contract to De La Rue, following a rigorous selection procedure.
“We are looking forward to continuing our successful working relationship with the Bank over the next 10 years.”
The contract will be welcome news to De La Rue which recently a bleak trading update, warning that this financial year’s pre-tax profits will be around 25% less than last year’s £77.3m.
Current trading conditions have deteriorated across the group since the firm issued its AGM statement in July, prompting the firm to release the profit warning for the six months to September 27 2014.
Martin Sutherland, the group’s new chief executive, officially joins the company today.