Fexco buys more foreign exchange outlets, tapping sterling volatility on Brexit

Fexco buys more foreign exchange outlets, tapping sterling volatility on Brexit

By Eamon Quinn

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.

Fexco buys more foreign exchange outlets, tapping sterling volatility on Brexit

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.

More in this Section

Huawei in US short reprieveHuawei in US short reprieve

No-deal Brexit tariffs could ‘massively reduce’ competitiveness, warn British farmersNo-deal Brexit tariffs could ‘massively reduce’ competitiveness, warn British farmers

UK brewer agrees £2.7bn sale to Hong Kong’s CKAUK brewer agrees £2.7bn sale to Hong Kong’s CKA

Abbey boss sees pay rise 15% despite profit collapseAbbey boss sees pay rise 15% despite profit collapse


Lifestyle

From Turkey to Vietnam, here’s where the chef and food writer has fallen in love with on her travellers.Sabrina Ghayour’s top 5 cities for foodies to visit

Dr Dympna Kavanagh, chief dental officer, Department of Health (University College Cork graduate)Working Life: Dr Dympna Kavanagh, chief dental officer, Department of Health

Like most Irish kids of our generation, chillies, spicy food, heat were never really big aspects of our formative eating experiences.Currabinny Cooks: Getting spicy in the kitchen

New Yorker Jessica Bonenfant Coogan has noticed a curious discrepancy between east and west when it comes to Cork county; arts infrastructure has tended to be better resourced in the west of Ireland’s largest county.Making an artistic mark in East Cork

More From The Irish Examiner