BusinessBusiness RecoveryMoney troubles lead to mint administration

Money troubles lead to mint administration

KPMG has been appointed administrators of the Birmingham Mint, makers of euro coins.

Link: Royal Mint blasted by MPs over record loss

The administrators are seeking a buyer for the mint but 51 redundancies have been made already leaving 64 staff from a total of more than 100.

The mint, established in 1794, is one of the largest makers of coin blanks and supplies several national mints with blanks for the euro.

Mark Orton, joint administrator at KPMG Corporate Recovery in Birminghamsaid: ‘The Birmingham Mint has suffered from cash flow problems due to the loss of major contracts.

‘Over the coming weeks we will be trading the company to fulfil orders stillin place while we actively seek a buyer for the business.’

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