Fexco looking for more UK acquisition targets

Fexco seeks UK acquisition targets

Kerry-headquartered international financial services group Fexco is on the look-out for more acquisition opportunities in the UK, where it is currently witnessing strong growth.

The Killorglin-based company has announced plans to significantly expand its retail network in the UK this year, with 15 shops opening, creating another 60 jobs in the process.

The expansion is via its No.1 Currency brand — one of the leading high-street foreign exchange service providers in Britain — and will take the company’s outlet numbers there to almost 300 and its employee base to around the same number.

“Having acquired four businesses in the UK over the last three years, Fexco remains on the look-out for further suitable acquisitions and strategic partnerships in the retail and financial sectors,” said Joe Redmond, Fexco’s director of foreign exchange services.

Fexco upped its presence in the British market by acquiring retail foreign exchange business, InterCash, for an undisclosed fee last year. The group’s 2015 expansion plans include the continued roll-out of its online service propositions for customers wishing to order and purchase travel money online and collect it from participating credit unions in Ireland and No.1 Currency outlets in the UK.

“Our strategy for 2015 is firmly focused on further expanding our No.1 Currency network in Ireland and the UK,” said Mr Redmond. “The UK remains the most attractive market in the world for specialist FX companies like Fexco, even more so this year as the British economy recovers and the pound strengthens further.”