The boss of the company which literally has a licence to print money has resigned.

Tim Cobbold, chief executive and director of the Debden-based De La Rue, which produces notes on behalf of the Bank of England, is moving to communications company UBM Plc at the end of this month.

He is to be replaced by chairman Philip Rogerson on an interim basis until a new chief executive is appointed.

Mr Rogerson said: “I would like to record the board’s appreciation of Tim’s significant contribution over the past three years and to wish him well with his future career.

"He leaves De La Rue as a stronger, healthier and more dynamic company than when he joined, and with strong forward momentum."