Trav­elex cuts 1,300 jobs af­ter res­cue deal

The Daily Telegraph - Business - - Front Page - By LaToya Hard­ing

TROU­BLED for­eign ex­change provider Trav­elex has struck a res­cue deal to stay afloat, but with the loss of more than 1,300 UK jobs.

Ad­min­is­tra­tors PwC said that a prepack sale of cer­tain Trav­elex en­ti­ties in the UK had been reached, sav­ing 1,800 jobs across the coun­try.

Trav­elex pro­vides forex ser­vices for cus­tomers of HSBC and Bar­clays, and the bank­ing arms of Tesco and Sains­bury’s, through its au­to­mated or­der place­ment ser­vice. Parts of the firm that deal with su­per­mar­kets, large cor­po­rate and bank­ing cus­tomers, and some of its air­port busi­ness, have been bought by a newly cre­ated com­pany con­trolled by its lenders.

Its shops on the high street, as well as some air­port branches, that were closed dur­ing lock­down will not have their doors re­opened. The deal will see the new Trav­elex group es­tab­lished with debts re­duced from £385m to £160m, and it de­liv­ers £84m of new money.

Toby Ban­field, joint ad­min­is­tra­tor at PwC, said: “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.

“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.”

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