Vaultex named Best Supplier by The Royal Mint
New coin extraction process saves Treasury and Taxpayer £25m
Vaultex, the UK’s leading cash processor, has received three awards from The Royal Mint in recognition of its work on a multi-million coin extraction process.
Vaultex, a joint venture between Barclays Bank and HSBC, won Best Overall Delivery and Quality Performance; Working in Partnership (Direct Materials) and the much-coveted Overall Supplier of the Year at The Royal Mint Supplier Awards on Thursday 9th October.
In August 2013, Vaultex won a tender to carry out an alloy extraction process for The Royal Mint to remove 5p and 10p coins with Cupro Nickel content from circulation – saving HM Treasury and the UK Taxpayer over £25 million to date.
Vaultex created a bespoke process to remove 65% of the Cupro Nickel coins over three years – an estimated £368 million. The Royal Mint has introduced Nickel-Plated Steel (NPS) coins as a replacement.
Vaultex designed and introduced new equipment to its coin processing sites, including a specially commissioned magnet, to remove the Cupro Nickel coins.
Commercial Director Mark Trevor said: “We’re delighted to be recognised for our work with The Royal Mint. We place a huge emphasis on our customer service. We designed a highly accurate and efficient extraction process specifically for The Royal Mint. And we continued to find new ways to improve our service so we could consistently beat our targets.”
Andrew Mills, Director of Circulating Coin at The Royal Mint, commented: “The Royal Mint truly believes in the value of a premium supply chain and our Supplier Awards demonstrate our commitment to working closely with our suppliers. It is fantastic that the contribution made by Vaultex has been recognised with these awards and I am thrilled that Supplier of the Year has been awarded to one of our key partners.”