De La Rue faces break up after receiving offers for its banknotes, passports units | City & Business | Finance

Banknote printer and passport manufacturer De La Rue could be broken up, as it is in talks with a number of groups about buying its businesses.

Clive Whiley, chairman of the 210-year-old group, said that since his appointment 12 months ago, De La Rue has looked at a “broad range” of options, including selling one or both of its businesses.

“Discussions with the relevant parties are advancing and we expect to update further at the time of the full-year results in July,” he said.

Although usage of physical money has fallen with the rise of digital payments, De La Rue said that its currencies division is winning new contracts and is seeing a “recovering market for banknotes”.

Over the last 12 months, the value of the unit’s order book had grown from £137million to £239millon.

Among its customers is the Bank of England, who it collaborated with on the design of the new King Charles bank notes.

De La Rue added that it had agreed to contract extensions with two of its major customers of its authentication or passports and identification documents division.

That doubles the total number of contract renewals it has secured over the past year and is worth £150 million to the business.

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