Banknote printer De La Rue has spent Sh2.7 billion (£15.1 million) to lay off staff, pay lawyers and write off its assets as it closes down operations at its Nairobi unit due to low currency and cheques printing business.
The multinational firm, which has been printing notes for Kenya through a local joint venture that is 40 percent owned by the Kenyan government, says in the latest trading update that it has now fully closed its notes printing line and is at the tail end of shutting down the cheques business.
The company, operating in Kenya as De La Rue Kenya EPZ Limited, had about 300 employees.
It says in the trading update that it has used £5.5 million (Sh977.1 million) on redundancy charges, £4.9 million (Sh870.5 million) to write off property, plant and equipment and £2 million (Sh355.3 million) to impair inventory.
“As a result of the review of the business in Kenya, an exceptional charge of £12.6 million was made in the financial year 2023,” says De La Rue.