Banknote maker De La Rue has announced plans to shut a print line at its Gateshead works, placing up to 171 jobs at risk of redundancy.
The company made the decision just over a year after it hit harder times when it failed to win a £450m government contract to produce blue post-Brexit passports – ironically awarded to a French-Dutch conglomerate.
On Monday, it was announced that chairman Philip Rogerson and another senior director were to leave too.
The company’s troubles have not been aided by Venezuela’s financial and political crisis that has seen US sanctions hit the country’s ability to pay its currency contract.
De La Rue’s full year results, which saw profits dive by 74%, included an £18m charge linked to Venezuela.
Via Sky News