IMI offloads the Mint

IMI took another step away from its metals origins with the £22m sale of The Birmingham Mint to an institutional buy-out. The buy-out, backed by venture capitalists 3i, was headed by former Newman Tonks director Geoff Gahan, who, along with managing director Roland Vernon, will have a significant minority share in the business. The Birmingham […]

IMI took another step away from its metals origins with the £22m sale of The Birmingham Mint to an institutional buy-out.

The buy-out, backed by venture capitalists 3i, was headed by former Newman Tonks director Geoff Gahan, who, along with managing director Roland Vernon, will have a significant minority share in the business.

The Birmingham Mint, the only independent integrated mint in the world, was founded in 1794 and employs 220 staff. It is the UK’s only independent supplier of blank euro coins and has a lucrative business selling casino tokens to the US.

IMI bought the Mint in 1991 in a £13m hostile bid.

But executive director Martin Lamb said the business was no longer a core part of the group.

The Mint produced operating profit last year of £1.7m. Net assets were worth about £15m at the year-end.