Travelex went into ‘pre-pack’ administration, with the majority of its retail businesses ceasing trading and a total of 1,309 employees facing redundancy.
PwC was appointed as administrator of Travelex Holdings Limited, Travelex Limited, Travelex UK Limited, Travelex Group Investments Limited and Travelex Financing Plc on Thursday August 6.
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.”