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Travelex foreign exchange bureaus must change hands in bankruptcy

2020-08-07T18:16:38.181Z


This restructuring has a heavy impact on employment. In the UK alone, around 1,300 jobs will be cut.


Touched but not sunk. Britain's Travelex, a currency exchange specialist, has not been spared by fate in recent months. Before the Covid epidemic nailed planes to the ground and reduced travelers present at airports, where part of its exchange offices are located, to the ground, Travelex was the victim of a cyberattack on December 31 latest. This had affected the functioning of its services to individuals and businesses for a month.

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The currency exchange giant had to file for bankruptcy. Its creditors took control of the group and carried out a major restructuring, in exchange for relief from Travelex's debt (from 385 million pounds to 165 million, according to the Guardian ) and a contribution of new money to height of 84 million pounds.

More than 3000 jobs saved

The British has a currency exchange activity for individuals and a business services activity. Only a part of these activities were bought by the creditors of Travelex, explains the firm PwC, appointed administrator of the company. If these have kept business services (banks, large distribution companies or even travel agencies), they have on the other hand shed some of the B to C activities. “Some exchange offices, located in airports or outside airports, have not found a taker, ” explains PwC.

This restructuring has a heavy impact on employment. In the UK alone, 1,309 jobs will be cut. “The closing of this transaction has saved 1,802 jobs in the UK, 3,635 around the world, and maintained a globally recognized brand,” said Toby Banfield, Director at PwC.

Source: lefigaro

All business articles on 2020-08-07

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