Killorglin-based financial services group Fexco has expressed confidence in weathering the Brexit storm as it continues to grow its UK operations.
Speaking yesterday, on the back of the Kerry-headquartered group’s second British acquisition this year, Fexco’s head of foreign exchange services Joe Redmond said: “[The company continues to see the UK retail foreign exchange services market as] a very attractive one in which to invest and expand, due to its large number of inbound and outbound tourists, its position outside the single currency, its geographical proximity to Ireland and its enduring preference for cash.”
Back in March, Fexco acquired foreign exchange retailer Currency Exchange Corporation (CEC) for a reported €19m.
Yesterday, the Irish group added London firm Cash-a-Cheque (CAC) to its growing UK operations. Combined, the two add 40 stores to Fexco’s British retail network, bringing its total number of shops to 104.
The six CAC shops will immediately change to Fexco’s No 1 currency brand, while it is planned to amalgamate the CEC branded shops at a later date.
The bulk of Fexco’s UK business is through inbound and outbound tourists using its bureau de change services. It also facilitates around half a million money transfer transactions per year through foreign nationals living in the UK.
Mr Redmond said he would be “fairly confident” that Britain will have to “stand down” from its threats to constrict free movement of migrants in order to land beneficial trade deals in its Brexit negotiations.
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