De La Rue
De La Rue is a British security-printing and identity-protection company specializing in banknotes, currency substrates and anti-counterfeiting technologies.
Last updated August 26, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
De La Rue is a British security-printing company whose principal business is the design and manufacture of banknotes, polymer substrates and security features for governments, central banks, currency authorities and commercial organizations. Headquartered in Basingstoke, England, the company supplies products and technologies used in approximately 140 countries and has historically presented itself as the world's largest commercial banknote printer. The business began with Thomas de la Rue, who moved from Guernsey to London in 1821. He first operated as a maker of Leghorn straw hats before expanding into stationery and printing. In 1831, his company received a Royal Warrant to produce playing cards, establishing an early reputation for high-quality printed goods. De La Rue later entered postage-stamp production in 1855 and banknote printing in 1860, initially producing notes for Mauritius. These activities formed the basis of a long-term relationship with public authorities and currency issuers. Over time, the company expanded through acquisitions, joint ventures and new technologies. Its purchase of Portals Limited in 1995 strengthened its position in banknote paper, while the 1965 creation of De La Rue Giori connected the company with specialist banknote-printing machinery. De La Rue also acquired Harrison and Sons, the Debden banknote-printing operations of the Bank of England, and DuPont's Authentication division. At different times, it operated outside its core currency business in areas such as cash handling, identity documents, voting systems, postage stamps, playing cards and writing instruments. The modern De La Rue portfolio centers on secure currency production. It supplies finished banknotes, polymer substrate and embedded or applied security features including holograms, security threads and specialized printed elements. It also produces secure documents such as tax stamps. The company's former authentication and identity activities extended its capabilities into government revenue protection, brand protection and identity security. The identity business was sold to HID Global in 2019, while the authentication business was sold to Crane NXT in 2024. De La Rue has experienced periods of strategic restructuring, operational pressure and governance scrutiny. It sold its paper business in 2018 while retaining a minority interest, disposed of its cash-handling division in 2016 and reviewed its portfolio around currency and security technologies. The Serious Fraud Office opened an investigation in 2019 into suspected corruption connected with South Sudan; the investigation was subsequently closed. In 2023, chairman Kevin Loosemore stepped down amid leadership speculation, and Clive Wiley became chairman. In 2024, De La Rue was reported to have been contracted alongside the Bank of England to design new banknotes featuring King Charles III. In 2025, Atlas Holdings agreed to acquire the company for a reported enterprise value of £263 million. The transaction was completed on 3 July 2025, taking De La Rue into private ownership and ending its London Stock Exchange listing. Its current identity is therefore that of a specialist business-to-government and business-to-business security manufacturer, with currency remaining its defining field.
History
Thomas de la Rue moved from Guernsey to London in 1821 and began in business as a Leghorn straw-hat maker. He subsequently entered stationery and printing, creating the foundation for a company that would become one of Britain's most important security printers. In 1831, the business received a Royal Warrant to manufacture playing cards. Its card designs later contributed to the standard appearance of modern playing cards. De La Rue expanded into postage stamps in 1855 and banknotes in 1860. Its earliest recorded banknotes were produced for Mauritius. The company also printed stamps for Britain, several British colonies, Italy and the Confederate States of America. In 1896, the family partnership was converted into a private company. The de la Rue family sold its interests in 1921, and the company eventually became publicly listed on the London Stock Exchange in 1947. The business adopted the name The De La Rue Company Limited in 1958 and became De La Rue plc in 1991. In 1965, it established De La Rue Giori in Switzerland with Italian printer and inventor Gualtiero Giori. That venture specialized in banknote-printing machinery and helped connect De La Rue with the wider industrial infrastructure of currency production. A proposed takeover by the Rank Organisation in 1968 was rejected by the Monopolies Commission on public-interest grounds. Acquisitions shaped the company's later expansion. De La Rue purchased Portals Limited in 1995, adding a major banknote-paper business with historical links to the Bank of England. In 1997 it acquired Harrison and Sons, a stamp and banknote printer; that factory closed in 2003. The same year, De La Rue acquired the Bank of England's banknote-printing operations at Debden. It also supplied notes to Iraq in 2003 and 2004. The company entered electronic voting through the 2002 purchase of Sequoia Voting Systems in the United States. It later sold its cash-handling division in 2016 and acquired DuPont's Authentication division that year. In 2018, it sold its paper business while retaining a 10 percent interest in Portals International. The following year it sold Identity Solutions to HID Global. These disposals reflected a continuing effort to concentrate resources on currency and security printing. De La Rue has also faced scrutiny. Following the Panama Papers disclosures, reporting described a secret contract with Somendra Khosla, covering the period from 2002 to 2010 and involving a commission arrangement for obtaining contracts. In 2019, the Serious Fraud Office opened an investigation into suspected corruption relating to South Sudan; the investigation was later closed. Martin Sutherland was appointed chief executive in 2014. In 2023, chairman Kevin Loosemore announced his departure, and Clive Wiley was appointed chairman. In 2024, De La Rue agreed to sell its authentication business to Crane NXT and was reported to have won work connected with the design of new Bank of England notes bearing King Charles III's portrait. Atlas Holdings agreed to acquire De La Rue in 2025. Completion on 3 July 2025 made the company privately owned and ended its public listing. Its principal continuing identity is as an international supplier of banknotes, polymer substrate and security features to currency-issuing authorities.
- 2025
Atlas Holdings acquisition completed
[1]Atlas Holdings completed its acquisition, taking De La Rue private and ending its London listing.
- 2024
Authentication business sale agreed
[1]De La Rue agreed to sell its authentication business to Crane NXT.
- 2019
Identity Solutions sold to HID Global
[1]De La Rue sold its Identity Solutions business to HID Global.
- 2018
Sale of paper business
[1]The paper business was sold, with De La Rue retaining a minority interest in Portals International.
- 2016
Cash-handling disposal and authentication expansion
[1]The Cash Handling division was sold to Privet Capital, while De La Rue acquired DuPont's Authentication division.
- 2003
Acquisition of Debden banknote operations
[1]De La Rue acquired the Bank of England's banknote-printing operations at Debden.
- 2002
Purchase of Sequoia Voting Systems
[1]De La Rue entered the US electronic voting systems market through the purchase of Sequoia Voting Systems.
- 1995
Acquisition of Portals
[1]The acquisition strengthened De La Rue's position in banknote paper.
- 1965
Formation of De La Rue Giori
[1]De La Rue formed a Swiss joint venture specializing in banknote-printing equipment with Gualtiero Giori.
- 1947
London Stock Exchange listing
[1]The company became listed on the London Stock Exchange.
Products and positioning
A specialist, high-security supplier serving central banks, governments and regulated organizations. De La Rue's positioning is built around trusted currency production, anti-counterfeiting expertise, secure materials and the ability to deliver complex physical security products at international scale.
Currency printing · 1860
Finished banknotes
De La Rue designs and manufactures finished banknotes for central banks and other currency-issuing authorities. The work combines graphic design, intaglio and other specialized printing processes, substrate selection and integrated anti-counterfeiting features. The company has supplied notes for numerous national currencies and remains primarily associated with high-security physical currency production.
Currency materials
Polymer banknote substrate
The company supplies secure polymer substrate used as the base material for selected banknotes. Polymer can support transparent windows and other security effects while offering different durability and handling characteristics from traditional cotton-based paper. De La Rue's substrate business forms part of its wider currency-materials and anti-counterfeiting offering.
Anti-counterfeiting technology
Banknote security features
De La Rue provides security threads, holograms and other specialized security elements for banknotes. These features are designed to support public recognition, machine authentication and forensic verification. They may be incorporated into the substrate or applied during printing, allowing currency authorities to combine visible and covert protections.
Security printing
Secure documents and tax stamps
Beyond currency, De La Rue produces secure printed materials such as tax stamps and other government documents. These products help authorities authenticate goods, collect revenue and deter illicit substitution or counterfeiting. The offering draws on the same controlled materials, specialized printing and verification capabilities used in banknotes.
Historical printed products · 1831
Playing cards
Playing cards were an important early De La Rue product after the company received a Royal Warrant in 1831. Designs associated with the company helped establish conventions reflected in the modern standard deck. The playing-card business was sold to John Waddington in 1969 and is no longer part of De La Rue's portfolio.
Historical writing instruments · 1881
Onoto writing instruments
De La Rue developed and marketed fountain pens under the Onoto brand. The company is credited with developing an early practical fountain pen in 1881. Production in Britain ended in 1958, while manufacturing continued in Australia for a limited period afterward.
Controversies
2019
Serious Fraud Office investigation concerning South Sudan
The UK Serious Fraud Office opened an investigation into suspected corruption connected with De La Rue's activities in South Sudan. The investigation was subsequently closed.
2016
Panama Papers-related contract allegations
Reporting following the Panama Papers disclosures described a confidential arrangement under which De La Rue contracted Somendra Khosla between 2002 and 2010 to help obtain contracts, with a reported 15 percent commission. The allegations formed part of wider scrutiny of the company's business practices.
Brand decisions
2025
Acquisition by Atlas HoldingsM&ABackground
Atlas Holdings agreed to take De La Rue private after a period of restructuring and strategic portfolio changes.
Action taken
Atlas Holdings completed the acquisition on 3 July 2025.
Aftermath
De La Rue became privately owned and was delisted from the London Stock Exchange.
Takeover valuation. £263 million (2025)
2024
Sale of authentication business to Crane NXTM&ABackground
De La Rue continued to separate non-core or adjacent activities from its central currency business.
Action taken
The company agreed to sell its authentication business to Crane NXT.
Aftermath
The authentication division became part of Crane NXT, leaving De La Rue more focused on currency and related secure printing.
Agreed transaction value. £300 million (October 2024)
2019
Sale of Identity SolutionsStrategyBackground
The company continued simplifying its portfolio around currency and security printing.
Action taken
De La Rue sold its Identity Solutions business to HID Global.
Aftermath
Identity Solutions ceased to be part of De La Rue's operating portfolio.
Sale price. £42 million (2019)
2018
Divestment of the paper businessStrategyBackground
De La Rue reviewed its portfolio as it concentrated more strongly on currency and security activities.
Action taken
The company sold its paper business and retained a 10 percent interest in Portals International.
Aftermath
The transaction reduced direct ownership of a historic banknote-paper operation while preserving a minority economic interest.
Recent events
- 2025
Atlas Holdings completes acquisition of De La Rue[1]
M&A
Atlas Holdings completed its acquisition of De La Rue, after which the company became privately owned and was delisted from the London Stock Exchange.
- 2024
De La Rue appointed to support King Charles III banknotes[1]
Product launch · Product generation
De La Rue was reported to have been contracted alongside the Bank of England to design new notes bearing the portrait of King Charles III.
- 2024
De La Rue agrees to sell authentication business to Crane NXT[1]
M&A
The company agreed to divest its authentication business to Crane NXT, separating that activity from its core currency operations.
- 2023
Kevin Loosemore steps down as chairman[1]
Leadership change
Kevin Loosemore announced his departure as chairman, with the company citing a desire to draw a line under speculation surrounding its leadership.
- 2019
De La Rue sells Identity Solutions business to HID Global[1]
M&A
The company disposed of its Identity Solutions business as part of a portfolio refocusing.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/delarue · Editorial policy · How profiles are compiled