The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
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
Announcement Date
6 August 2020
Employment effect (start)
6 August 2020
Foreseen end date
Description
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.
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