Fexco continues UK expansion with CEC acquisition

Irish financial services group Fexco has announced the acquisition of UK rival CEC in its largest corporate transaction in the UK ever.

The multinational firm headquartered in Killorglin, Co Kerry, has finalised a deal for the London-based foreign exchange company for an undisclosed fee.

CEC’s 36 London branches will become part of Fexco’s retail foreign exchange operation — which trades as No.1 Currency in the UK and Ireland — and continue the company’s UK expansion.

The deal makes Fexco the owner of the largest independent retail foreign exchange business in the UK, according to Fexco foreign exchange services director, Joe Redmond.

“The UK foreign exchange (FX) market is still the most attractive in the world with approx £9bn (€11.48bn) worth of foreign currency changed by FX operators annually on behalf of customers,” Mr Redmond said.

Founded in 1981, Fexco employs 2,300 across its offices in Europe, the Middle East, Asia-Pacific, North American and Latin America.

In 2012, the company completed its takeover of No.1 Currency based in Edinburgh.

Since the deal, a further 39 locations have been added to its UK network through growth and further acquisitions with 20 more branch openings planned throughout 2016.

The acquisition of CEC will see No.1 Currency’s network grow to 110 branches by the end of the year with 80 or so staff joining Fexco as part of the deal.

No.1 Currency will employ 400 staff within the Fexco group by end of 2016.