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1,300 jobs go at Travelex
A total of 1,309 UK employees of Travelex have been made redundant after the company went into ‘pre-pack’ administration, with the majority of its UK retail business no longer trading.
PwC was appointed as administrator of Travelex Holdings Limited, Travelex Limited, Travelex UK Limited, Travelex Group Investments Limited and Travelex Financing Plc on Thursday (6 August).
Travelex Banknotes Limited (TBL) previously entered administration on 21 July, PwC said.
The company said a ‘pre-pack’ administration deal has been reached with a newly created company, Travelex Acquisitionco Limited, which has saved 1,800 UK Travelex jobs, although 1,309 roles had to go.
PwC described it as ‘a complex restructuring deal’ which ‘has delivered £84m of new money and substantially deleveraged the new group’.
However, the majority of the UK retail business and ‘various retail and airport locations internationally’ are no longer trading, PwC said.
Toby Banfield, joint administrator at PwC, said: "We would like to thank the employees, management team and all stakeholders who have been an integral part of the Travelex business for their tireless efforts. Against the challenging backdrop of the pandemic and current economic climate, they have helped to deliver a highly complex restructuring, enabling a core part of the business to continue operating under new ownership.
"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. Our dedicated employee team will be providing support to all of the people impacted."
At the beginning of the year, Travelex fell victim to a cyber hack.
See also: Warning for Travelex users as hackers demand ransom
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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