Thu, 23 Apr 2020 | BUSINESS SALE
British foreign exchange provider Travelex has put itself up for sale, a month after parent company Finablr warned that it was preparing for potential insolvency.
The company is the worlds’ largest currency dealer, having been founded over 40 years ago. In 2014, it was acquired by BR Shetty, who subsequently floated the company as part of the Finablr group in 2019, with a valuation of close to £1.2 billion.
Its business now spans over 60 countries and also encompasses a network of more than 1,000 cash machines.
However, late last December, Travelex was hit with a ransomware attack that is projected to have up to a £25 million hit on its first-quarter underlying core earnings.
At the same time, the devastating impact of coronavirus on international travel has severely affected demand for currency exchange services while disrupting the moving of bank notes between locations and forcing the company to close its high street stores.
As a result, the company board has decided to seek offers for the group, saying in a statement: “As part of its continuing assessment of strategic options to maximize value for its stakeholders, the Board of Travelex Holdings Limited has decided to seek offers for the Travelex group, and has communicated this intention to Finablr plc.”
Interested parties have been instructed to contact PwC. Travelex added that it would provide updates on “the sale process and parallel discussions with creditors as appropriate”.
In Travelex’s most recent accounts, to the year ending December 31 2018, it registered core group of £802 million, a £15 million or 2 per cent increase from the year before, although this growth was tempered by the strengthening of sterling relative to the previous year.
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