Over 1.300 UK jobs at Travelex axed because of Covid
Tuesday, August 11, 2020
Currency firm Travelex has finalised the deal to hold itself afloat but with the job loss of more than 1.300 jobs in Britain.
PwC says it has eliminated 1,309 jobs but further savings have come from pre-pack deals. High Street Stores and the airport branches that closed during the closure said the deal has brought in £84m in fresh money and has significantly cut the firm's debt.
Travelex operates in over 80 currencies, and operates in more than 50 countries both online and through a network of over 1000 shops, including major airports, with more than 1.000 ATMs global, according to PwC.
Administrators said the effects of a cyber attack in December and continuing Covid 19 pandemic, as a result, had "acutely impacted the business." Travelex suffered more than a month of disruption to business earlier this year after learning of the hacking claim on New Year's Eve.
Under the deal, Travelex boss Mr D 'Souza will be replaced by turnaround specialist Donald Muir. Toby Banfield, co-managing director of PwC, said:"This has allowed a core part of the business to prosper under a new owner.