Banknote printer De La Rue has spent an additional £1.3 million (Sh258.6 million) to lay off staff, write off assets and pay lawyers, bringing the total spending on closing down its Nairobi unit to £13.9 million (Sh2.77 billion).

The global firm, which in January suspended banknote printing in Kenya owing to low demand, says in the latest trading update that the additional cost was made up of £1.1 million (Sh218.8 million) for asset impairment, £0.2 million (Sh39.78 million) redundancy charges and £0.1 million (Sh19.89 million) on other costs.

“Since this [exit from Kenya] program commenced, £13.9 million of costs have been incurred in relation to this. Minimal further costs are expected in relation to this programme in the financial year 2024,” said De La Rue in a trading update covering six months to end of September 2023.

De La Rue, which was employing about 300 people in Kenya had in the year ended March 25, 2023, used £5.5 million (Sh1.09 billion) on redundancy charges, £4.9 million (Sh974.7 million) to write off property, plant and equipment and £2 million (Sh397.8 million) to impair inventory.

The firm also incurred a £2.5 million (Sh497.3 million) charge for redundancy and legal fees in relation to restructuring in both the currency and authentication divisions.

It suspended notes printing and cheques business after the Central Bank of Kenya told it no more orders would be coming for at least 12 months.