Travelex falls into administration, with loss of 1,300 jobs | Business | The Guardian

Travelex falls into administration, with loss of 1,300 jobs | Business | The Guardian:

Foreign exchange firm Travelex has collapsed into administration, with the immediate loss of more than 1,300 jobs. 


Advisory firm PwC has been appointed to carry out a complex restructuring deal and pre-pack administration, which allows buyers to cherry-pick the best assets and ditch those they don’t want.

The administrators said the impact of a cyber-attack in December and the ongoing Covid-19 pandemic had “acutely impacted the business.”

A special purpose vehicle made up from a group of its creditors have bought the UK business, which serves major corporate and supermarket customers and the ATMs located outside UK airports. They have also acquired Travelex operations in Brazil, Middle East and Turkey, Nigeria and Asia Pacific.