Euro puts paid to fortunes of coin maker

Click to follow
The Independent Online

The world's biggest independent mint has run out of money and is blaming the euro for the black hole in its finances.

The world's biggest independent mint has run out of money and is blaming the euro for the black hole in its finances.

At 209 years old, the Birmingham Mint is also the oldest private coin maker, but it was forced to call in the administrators and announce 51 job losses yesterday after losing a number of important contracts.

One of the main problems facing the company was the tailing off of euro work after the currency went into circulation. Annual sales for the group are thought to have halved to about £10m. Uncertainty surrounds the future of a co-operation agreement with the state-owned Royal Mint.

Administrators from KPMG will retain 64 staff and will keep the company trading while seeking a buyer for the business.

The company was acquired by managers from the investment company 3i in 2001, a year after it won two big orders to make euro coins, including for the German Mint. As well as coins, the operation produces medals and tokens for the vending industry.

A joint administrator, Mark Orton, said: "Over the coming weeks we will be trading the company to fulfil orders still in place while we seek a buyer for the business."

Comments