Acquisition

De La Rue PLC
31 March 2003

                                 DE LA RUE PLC

                       DE LA RUE COMPLETES ACQUISITION OF
                  BANK OF ENGLAND BANKNOTE PRINTING OPERATIONS


De La Rue has announced today that it has completed the acquisition of the Bank
of England's banknote printing operations, based at Debden, Essex for a cash
consideration, including acquisition expenses, of £10m.  The Company has also
today signed a supply contract with the Bank to cover their requirement for
banknotes for a period of seven years. The necessary regulatory approval has
been received.

The Bank of England's Debden operations are accounted for as a cost centre.  In
the year ended 28 February 2002, the operating costs attributable to these
activities were £34m.  As at 7 March 2003, the net assets of the operations were
£9m.  Under the terms of the agreement approximately 230 staff based at Debden
will join De La Rue's Currency business.  The Bank of England will, however, retain
overall ownership of the Debden site with De La Rue leasing the necessary space
at the facility to fulfil the supply contract.

Contracting out its banknote printing operations will enable the Bank to lower
the cost of the supply of its banknotes, while for staff it opens up the
possibility of bringing in more work to Debden.  De La Rue expects the
transaction to be modestly earnings enhancing over the seven year term of the
contract.

De La Rue will continue to operate its existing banknote printing factory in the
UK in Gateshead as a separate facility, focused, as now, on specialist short-run
export work.


                                     -ends-


For further information please contact:


Stephen King              Group Finance Director          [phone]
Mark Fearon               Head of Corporate Affairs       [phone]

Mike Smith or Jonathan Glass Brunswick                    [phone]

Bank of England Press Office                              [phone]

31 March 2003

Notes to Editors


1.         As previously announced the 7 year supply contract contains
provisions for future changes in the specification of banknotes, which would
cover any need to produce euro notes should the UK at any time during that
period adopt the euro.


2.         The Bank of England currently manufactures approximately 1 billion
sterling banknotes annually at Debden.




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