Fexco buys more foreign exchange outlets, tapping sterling volatility on Brexit
Fexco has added two outlets to its existing 110 foreign exchange branches in Britain and Ireland by acquiring Changelink Ltd in London, in a deal that shows the volatility caused to sterling by the UK’s Brexit vote of summer 2016 has given new life to large foreign exchange retail traders.
Set up in 1972, Changelink was Britain’s first ever non-bank foreign exchange provider.
After buying seven outlets in the UK over the last six years, Fexco said it was still on the lookout for more.
It already owns No 1 Currency, acquired in 2012 which has a number of outlets across Ireland, as well as Currency Exchange Corporation and Cash-A-Cheque, businesses which it bought two years ago.
Since the Brexit vote, Fexco has reported that sterling transactions have jumped by almost 50% at some of its outlets in the Republic and the North, and believes that the future of foreign exchange is secure.
“This acquisition is indicative of our strong belief that cash will continue to play an important part in British travellers’ foreign exchange needs, and we continue to look for further acquisitions to grow our UK business,” said Fexco’s Joe Redmond.
Fexco provided no new details about its plans to sell its Goodbody Stockbroking business.
The new owners are reportedly a group of Chinese investors.
