De La Rue, the struggling banknote printer, has requested respiratory house from its pension trustees by delaying practically £20m of retirement funding funds.
Sky News has learnt that the London-listed firm, which has seen its shares droop lately after a string of revenue warnings, has requested trustees to defer the contributions in the previous couple of weeks.
The firm counts the Bank of England amongst its most vital clients, however has been beset by a collection of mishaps over a protracted interval.
In November, it issued the most recent in a collection of revenue alerts and criticised its auditor, EY, for together with a going concern warning in its accounts.
Since then it has disclosed additional challenges involving its operations in India and Kenya, additional hitting its depressed share value.
De La Rue now has a market worth of simply £131m.
A supply near the corporate mentioned its pension deficit, like that of many company pension schemes, had improved considerably within the final 18 months.
“The pension scheme has had over £50m from the company in the last three years, so this is a natural rebalancing towards investors who have not done as well,” the supply mentioned.
They insisted {that a} rejection of the pension deferral request would have “no adverse” impact as a result of the transfer was not being pushed by liquidity wants.
A spokesman for De La Rue declined to remark.
Source: information.sky.com”