TRAVEL CASH FIRM EYES £1bn FLOAT

THE owner of Travelex and UAE Exchange is preparing to float in London for more than £1bn.

Finablr, the travel money businesses’ holding firm, which is owned by United Arab Emirates tycoon Bavaguthu Raghuram Shetty, would not reveal exactly when it plans to float or how much it intends to raise.

However, Shetty bought London-based Travelex in 2014 for £1bn, so the combined business is likely to have a value which is considerably more. Executive director Binay Shetty, the billionaire businessman’s son, said: ‘We continue to focus on working on the initial public offering and will come back when the time is right.’

It is one of several large floats announced in the past few weeks, including broker AJ Bell and City law firm Rosenblatt. There were 16 listings in the first three months of the year, according to accountant Ernst & Young.