Internal restructuring
United Kingdom
Location of affected unit(s)
Financial Services
Activities Auxiliary To Financial Services And Insurance Activities
Activities Auxiliary To Financial Services And Insurance Activities
66.19 - Other activities auxiliary to financial services, except insurance and pension funding

1,309 jobs
Number of planned job losses
Job loss
Announcement Date
6 August 2020
Employment effect (start)
6 August 2020
Foreseen end date


Travelex, the UK-based global foreign exchange firm has been bought out of administration, with a loss of 1,309 jobs in the UK. The job losses will affect staff working at airport branches and high street foreign currency exchange shops. According to a statement by the Administrators, 1,802 UK jobs had been safeguarded as a result of the restructuring.

Administrators PwC said the business had been 'acutely' hit by the travel restrictions introduced in response to the COVID-19 pandemic.

Travelex specialises in international payments, foreign currency exchange and issuing prepaid credit cards for use by travellers. In January 2020, the company’s operations suffered major disruption after it had been attacked by ransomware hackers.



Eurofound (2020), Travelex UK, Internal restructuring in United Kingdom, factsheet number 101906, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101906.