Money printer Joh. Enschede saved from bankruptcy

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Zeist-based investor Nimbus has acquired 95% stake in money printing company Royal Joh. Enschede to save the company from bankruptcy.

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Under the agreement, Nimbus owns 95% while the Enschede family holds the remaining 5% of the shares, Nos reported on Thursday.

As part of the agreement, staff holiday pay will be relinquished.

The more than 300-year old printing company went into serious financial problems in 2013 when printing of 450 million German 10 Euro notes was postponed at the request of the European Central Bank.

Royal Joh. Enschede prints banknotes, stamps and protected securities. It was founded in 1703.

Last year, the company had a turnover of 55 million euros.