A Hampshire-based company that produces banknotes for the Bank of England has had its contract extended.

De La Rue, based in Basingstoke, will retain the monopoly on printing cash for the bank until at least 2028, after its contract was extended by three years.

Its bank notes are currently printed at Debden in Essex, with the paper made in Overton by Portals, which was spun out by the printer in 2018 though the companies still work closely together.

The announcement continues the partnership between De La Rue and the Bank of England that stretches back to 2003. The current contract was awarded to De La Rue in October 2014, becoming effective from April 2015.

Clive Vacher, CEO of De La Rue, said, “We are delighted that our contract with the Bank of England has been extended to 2028, highlighting De La Rue’s commitment to UK manufacturing. Our relationship with the Bank of England, and the operations in Debden, form a cornerstone of our growth strategy for currency design and print, including the conversion of customers worldwide onto cleaner, more secure SAFEGUARD® polymer banknotes.

“The facilities at Debden produce some of the most technically complex banknotes in the world and we work closely with the Bank of England to reduce the environmental impact of our operations. We look forward to continuing to work together with the Bank, raising the bar for security and sustainability long into the future.”

One of the projects the company will unveil soon is the new £50 note, the last banknote to become polymer based. It will feature Alan Turing, the computing and codebreaking pioneer, on the front after public nominations for scientists to feature on the note were shortlisted.

Scientists including the palaeontologist Mary Anning, the physicist Stephen Hawking and Rosalind Franklin, whose work was crucial to the discovery of DNA’s structure, were all considered, with Turing being selected by the Governor of the Bank of England.

Sarah John, Bank of England Chief Cashier, said, “The relationship with De La Rue is an important one for the Bank of England. During the course of the current contract, we have worked closely together to launch three new banknote designs on polymer.

“In 2021, the release of the new Alan Turing £50 note will complete our polymer set. We are very pleased to announce the extension of the contract today, which will enable us to continue to develop our Debden facility as a global centre of excellence for banknote printing.”