Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 09 28T182452Z 1 LYNXMPEJ8R100 RTROPTP 4 TRAVELEX M A - Business Express

Exclusive-Travelex owners considering sale of company –sources


Exclusive-Travelex owners considering sale of company –sources

By Amy-Jo Crowley and Pablo Mayo Cerqueiro

LONDON (Reuters) – Travelex’s owners are exploring a sale of the British currency exchange, which fell into administration in 2020, after bolstering its finances, four sources familiar with the matter told Reuters.

The owners, which include former bondholders that took control of Travelex through a debt restructuring, are working with advisers at Barclays and Smith Square Partners to gauge buyer interest, said two of the people.

An auction is expected early next year, one added.

Deliberations are still preliminary, and there is no certainty that a sale will proceed, said the people, who declined to be named because the talks are not public.

Travelex’s 2022 accounts show Barings LLC as its largest investor with a 52% stake, followed by Corre Partners Management, Vector Capital Management and Mariner Investment Group.

Barings, Barclays, Smith Square and Vector Capital declined to comment. Corre, Mariner and Travelex did not immediately respond to requests for comment.

Formerly part of now-defunct Finablr, Travelex’s fortunes quickly turned due to the coronavirus pandemic and a cyberattack that forced it to temporarily disable its systems.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

It then went through a pre-pack administration that led to more than 1,300 job losses and saw its creditors seize control.

Travelex’s revenues have since rebounded as international travel resumed with the easing of pandemic restrictions, generating sales of nearly 369 million pounds ($450 million) last year and a profit after tax of 7 million pounds.

Last week, Travelex announced a 90 million pound debt refinancing through a five-year senior term facility.

($1 = 0.8195 pounds)

 

(Reporting by Amy-Jo Crowley and Pablo Mayo Cerqueiro in London; Editing by Anousha Sakoui and Alexander Smith)

 

Recent Post: