De La Rue trouble – Chairman and senior Director announce resignation

epa06643198 A copy of a blue British passport (L) which will come into use after Britain leaves the European Union, and the current red EU British passport (R) following an announcement by British Immigration Minister Brandon Lewis on 22 December 2017. News reports on 03 April 2018 state that the British, De La Rue plc, security and anti-counterfeiting provider for banknotes, identity and brand protection, will formally appeal the British government?s decision to award the 490 million GBP contract new British passport printing contract to Franco-Dutch international digital security company Gemalto. The British government has granted a two-week extension in the process to decide who will produce the British passports after Brexit and will be announced on 17 April 2018. EPA-EFE/ANDY RAIN

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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

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