UK/INTERNATIONAL. Foreign exchange specialist Travelex Group has made more than 1,300 UK roles redundant and will not be reopening the UK airport branches and High Street stores which closed during lockdown. The company has however announced a deal via administrator PwC that will save 1,800 UK jobs and protect a further 3,635 globally.
The company, which was severely affected by a cyber-attack late last year, has been rocked by the COVID-19 crisis which PwC said has “acutely” impacted the business.
The purchaser in the pre-pack administration deal – where a firm sells all or some of its assets to a pre-determined buyer through an appointed administrator – is Travelex Acquisitionco Limited, a special purpose vehicle controlled by the Noteholders to the global Travelex Group.
PwC revealed that the deal has delivered £84 million of new money and “substantially deleveraged” the new group.
PwC Joint Administrator Toby Banfield said: “We would like to thank the employees, management team and all stakeholders who have been an integral part of the Travelex business for their tireless efforts. Against the challenging backdrop of the pandemic and current economic climate, they have helped to deliver a highly complex restructuring, enabling a core part of the business to continue operating under new ownership.
“The completion of this transaction has safeguarded 1,802 jobs in the UK and a further 3,635 globally, and ensured the continuation of a globally recognised brand.”
He added: “Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant today. Our dedicated employee team will be providing support to all of the people impacted.”
The Travelex Group trades in over 80 currencies and operates in more than 50 countries, both online and through a network of over 1,000 stores, including many major airports.
The group also provides outsourcing services for partners including travel agencies, banks and supermarkets, extending its reach to over 60 countries.
