Travelex shuts all UK foreign exchange bureaus for eight weeks
Travelex is set to shut all its foreign exchange bureaus in the UK for around eight weeks, it announced in a trading update this morning.
It comes after the government introduced strict measures forcing the majority of retail businesses to close in order to contain the spread of coronavirus.
Foreign exchange firm Travelex said it anticipated it would not be able to reopen in the UK within the next eights and that it could be longer due to the uncertainty posed by Covid-19.
It added that it was considering taking similar measures in other territories that it operates in.
In the update it also said that it has started discussions with shareholders for continued access to funds.
Travelex said its stakeholders had raised concerns about the difficulties faced by its UK-listed owner Finablr.
The company said there is no longer an overlap between the boards of the two firms and that it had “a legal and financing structure capable of operating separately”, adding that recent board changes reflect this independence from Finablr and its shareholders.
It said it was considering candidates to be appointed as independent non-executive directors. Travelex has also appointed an independent team of advisers.
Tony D’Souza, CEO said: “The Travelex Group has a rich heritage and systemic role in the foreign exchange market, with a solid reputation and a recognised brand. We value the support we receive from partners, regulators and other stakeholders.
“This support was clearly demonstrated by the strongly positive and constructive responses Travelex received following our recovery from the cyber-attack that impacted Travelex early in 2020.
“We remain committed to tackling the tough challenges ahead of us and are absolutely dedicated to ensuring the long-term success of the business. We thank all of our stakeholders for their continued support.”