8th Sep 2014 07:14
LONDON (Alliance News) - De La Rue PLC has been chosen by the Bank of England as its preferred bidder in the tender for its banknote printing contract.
In a statement, the Bank of England said it expects to sign the contract in October, subject to completion of assurance activities in relation to De La Rue's bid, finalisation of the contract, and the final award decision by the Court of the Bank of England.
"De La Rue has been identified as the 'preferred bidder' as a result of scoring highest in the Bank?s evaluation process for the procurement which was based on identifying the most economically advantageous tender," the central bank said.
The central bank said it does not intend to make any further announcements until a contract has been awarded.
Printing under the new contract is due to commence in April 2015.
The news comes almost two years since the Bank of England kicked off a formal public procurement process for the printing of its banknotes at its facility in Debden, Essex.
Following the receipt of bids in June 2014, the bank has now completed a "thorough evaluation" of the submitted bids.
The Bank of England first outsourced its banknote printing in 2003, which De La Rue won following a tender process.
De La Rue shares were Monday quoted up 3.4% at 768.00 pence, topping the FTSE 250.
By Samuel Agini; [email protected]; @samuelagini
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