Fexco invests in the Gift Voucher shop

Kerry-based financial services group Fexco announced today it has taken a majority stake in The Gift Voucher Shop.

The Gift Voucher Shop, an Irish-owned company, was set up in 2002 and sells vouchers for 550 businesses. It also has a distribution partnership with An Post to sell vouchers for thousands of outlets nationwide.

Ireland only lags the United States gift voucher market by 12 to 18 months and this year's growth trend indicates that the Irish gift voucher market will mirror the US by next Christmas, according to Michael Dawson, MD of the gift voucher shop. Sales in the US are hitting record levels and US industry commentators estimate that 8% of all gift purchases made this Christmas was in gift vouchers.

Established in 1981, Fexco now employs over 850 people at corporate headquarters in Ireland and at locations in London, Glasgow, Paris, Madrid, Malta, Australia and Dubai. Services include bureau de change facilities, stockbroking, international payments and prize bonds.