Jobs cut at Basingstoke printing company

August 17, 2011 by  

A bank note printing company based in Basingstoke recently announced it is due to cut its workforce by 150 people, meaning job losses across the workforce.

De La Rue, the Basingstoke print company responsible for printing bank notes for the Bank of England as well as for 150 other territories and countries, is set to move its operations to the North of England as part of a cost-saving exercise.

The printing company is moving the bank note printing arm of the business to a site near Bolton in Lancashire and the part of the company that deals with security print will move to Gateshead, near Newcastle. This move up north could be due to a number of factors, such as cheaper rent and the opportunity to downsize a costly workforce in order to meet financial objectives.

The move and the job cuts are in line with a number of changes at De La Rue. Earlier this year, the company announced that Tim Cobbold would be their new Chief Executive and strict targets were put in place, with an aim to hit £100 million profit in just three years. Many other printing companies around Basingstoke and throughout the UK are facing similar challenges, with a rising cost of ink and raw materials affecting profitability. Whilst larger printing companies are seen to struggle, this could provide opportunities for smaller print shops in Basingstoke as companies move away from using large firms and instead look for better value from a smaller printing company.