Currency service provider Travelex puts itself up for sale

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.

Find businesses for sale here.

If you are looking for an exit, we can help!

Share this article

Latest Businesses for Sale

Care Recruitment Agency
UK Wide

Highly profitable, niche operation supplying high-quality recruitment solutions for over 18 years. Specialises in the provision of healthcare assistants and support workers for residential care homes. Strong database of over 300 professionally traine...

Asking Price: Offers Invited
Turnover: £2,500,000


Application Development Practice Providing Bespoke Business Systems
South East, UK

Builds & implements bespoke business systems crafted to an exceptional standard including web-based digital tools social collaboration solutions & web product development for blue-chip SME & start-up clients operating in a range of industries. The co...

Asking Price: Offers Invited
Turnover: £1,900,000

Independent Stockbroker & Wealth Manager
London, UK

Provides discretionary, advisory and execution services to retail and professional clients throughout the UK and internationally. Delivers unbiased and transparent information, advice and strategies, which are tailored to meet its clients’ unique in...

Asking Price: Offers Invited
Turnover: £2,000,000


View more businesses for sale

News Search

Latest News


Trafford Centre up for sale after Intu administration | COMMERCIAL PROPERTY

Manchester’s Trafford Centre shopping mall is up for s...


Administrators bring three former Shepherd Cox Group hotels to market | DIVISION SALE

Administrators have put three hotels in the North of England...


Baird Group to close stores as CVA is approved | BUSINESS NEWS

Retailer and wholesaler Baird Group, the license holder for ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources