Historic paper mill at Overton to close with the loss of 300 jobs
Portals has made paper for bank notes for around 300 years
A company that makes paper for bank notes is to close their paper mill near Basingstoke.
Portals has produced paper for bank notes for more than 300 years and has operated its mill at Overton since 1922.
Around 300 employees will lose their jobs.
In a statement, Portals said:
"Following the global pandemic and other recent world events we have seen a significant adverse impact on our banknote paper business.
"It is also clear that the change in the strategy of our largest customer, De La Rue plc, and the rising input costs specifically of energy, all in the context of the highly price competitive banknote paper marketplace in which we operate, means that our banknote paper business at Overton is no longer viable."
North West Hampshire MP Kit Malthouse said:
“This is a devastating blow for Overton, Whitchurch and the surrounding area where the history and livelihoods of so many families have been bound up with the 300 year history of Portals.
"Over the last couple of years, I have been in close touch with the company as they struggled with overseas competition and rising energy costs, and at all times it has been apparent that the management have a strong sense of duty to their workers. Sadly the future operation of the mill at Overton now seems financially impossible, and an orderly wind down, with a generous redundancy package and outplacement support, is of course preferable to going bust. I will be liaising with the Union representatives, and workers themselves, during the consultation to make sure that they get all the help and assistance they need.
"While the future of the mill site will now be uncertain, given its location at the headwaters of the Test, there will also be significant environmental concerns to be addressed. The management have assured me that they have every intention of doing their duty in this regard, and I will of course monitor their progress closely and liaise with the Environment Agency.
"This is a very sad day for North West Hampshire. Starting in 1712 at Bere Mill, Portals has been a feature of life on the Upper Test for over 300 years, and it has left its mark not just in bricks and mortar, but amongst the many families who have devoted their working lives to it over generations. I share their distress and will do what I can to help the community through this difficult chapter in our history.”