Travelex
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| Type | Private limited company |
|---|---|
| Industry | Financial Services |
| Founded | 1976 |
| Headquarters | Kingsway, London, England |
| Key people | Lloyd Dorfman (Founder and Chairman) |
| Products | Foreign exchange |
| Owner(s) | Apax Partners and Lloyd Dorfman |
| Employees | 6500+ (2012) |
| Website | www.travelex.com |
Travelex Group is a foreign exchange company founded by Lloyd Dorfman and headquartered in London. Its main businesses are international payments, bureaux de change and issuing prepaid credit cards for use by travellers.[1] It is the world's largest foreign exchange bureau and is a major donor and sponsor of the Royal National Theatre.[2]
In 2007 it proposed a 'space currency' called the Quasi Universal Intergalactic Denomination, as part of a viral marketing campaign.[3]
History[edit]
Travelex was founded by Dorfman, opening its first branch in central London in 1976.[1]
On November 8, 2000 it bought Thomas Cook's worldwide foreign exchange business for £440m, which significantly expanded its international operations.[4]
In February 2005, buy-out firm Apax Partners bought a majority stake in the company, however Dorfman retained 30% and continued to run the business.[5] Ian Meakins was CEO from 2006-2009, before becoming CEO of Wolseley plc.
In early 2010 Travelex disclosed significant losses due to the interest payments on its large debts. It had pulled back from a stock market flotation the year before and said that it was now "considering a range of potential financing structures".[6] Later that year it sold its card programme management division to MasterCard for £290 million to help reduce its debts.[7][8]
On July 5, 2011 Travelex sold its Global Business Payments division to Western Union for £606 million.[9]
By 2012, Travelex had operations in 25 countries, over 1,000 branches and a total workforce in excess of 6,500.[citation needed]
References[edit]
- ^ a b Travelex Group information on official website, accessed 5 November 2012.
- ^ Brown, Mark "National Theatre's Cottesloe venue to be renamed after £10m donor" The Guardian 28 October 2010. Retrieved 7 December 2010.
- ^ Travelex (2007). "Travelex Press Release". Travelex. Retrieved October 9, 2007.
- ^ London(Business Wire) (November 8, 2000). "Travelex plc Acquires Thomas Cook Financial Services Division". Retrieved January 8, 2011.
- ^ "Apax Partners to Buy Majority of Britain's Travelex". Bloomberg. February 28, 2005. Retrieved February 01, 2011.
- ^ "Travelex in race to sort out huge debt". thisismoney.co.uk. 29 August 2010. Retrieved 4 March 2010.
- ^ Wilson, Harry (9 December 2010). "MasterCard buys Travelex division for £290m". London: The Telegraph.
- ^ Patricia Kuo (December 10, 2010). "Travelex Loans Rise on Plans to Cut Senior Debt After Unit Sale". Bloomberg. Retrieved February 01, 2011.
- ^ "Western Union to Acquire Travelex Global Business Payments". Businesswire. July 05, 2011.
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