World First
 |
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| Type | Private company |
|---|---|
| Industry | Financial Services |
| Founded | January 21, 2004 |
| Headquarters | Battersea, London, UK |
| Key people | Jonathan Quin (co-founder), Nick Robinson (co-founder), David Clementi (Chairman) |
| Products | Foreign exchange |
| Website | http://www.worldfirst.com/ |
World First is a UK-based foreign exchange company. It offers currency exchange and international payments to private clients and corporate clients in the UK and a number of other countries.
Contents |
[edit] History and awards
World First was established in 2004 by Jonathan Quin and Nick Robinson.
In April 2008, World First through its subsidiary World First Markets Ltd started to offer option and derivative hedging structures.
On 1 November 2009, World First UK Ltd was granted Authorised Payment Institution status by the Financial Services Authority. It was amongst the first round of companies to apply for and be granted this status which ensures client funds are protected from creditors.
World First UK Ltd also became registered by HM Revenue & Customs as a Money Services Business in relation to the execution of spot and forward foreign exchange transactions. Its Registration Number is 12164508.
In 2009 it was named the 53rd fastest growing company in the UK (2009 Sunday Times Fast Track 100) and was awarded the Queen's Awards for Enterprise (International Trade) 2009.[1]
In 2010 it won "Service Business of the Year" in the Fast Growth Business Awards [2].
[edit] Operations
It is headquartered in Battersea, London and has offices in Australia and New Zealand. It also has representatives in France and Gibraltar. Its SWIFT code is WFSTGB2L.
[edit] UK market position
As of June 2011, based on published company accounts it was the 3rd largest foreign exchange company in the UK by profit[nb 1] and 4th largest by Gross Revenue. Turnover to the year ending 31st January 2011 was £1.85 billion.
UK Foreign Exchange Brokers (largest 5):
| No. | Company | Accounting Date | Pre Tax Profit |
|---|---|---|---|
| 1 | Travelex[nb 2] | Various | £30m approx |
| 2 | TTT Moneycorp Ltd[nb 3] | 31 August 2010 | £6,918,000 |
| 3 | World First UK Ltd | 31 January 2011 | £3,612,000 |
| 4= | Currencies Direct Ltd | 30 June 2010 | £3,583,000 |
| 4= | HiFX plc | 30 June 2010 | £3,583,000 |
| 6 | Schneider Foreign Exchange | 31 March 2010 | £3,031,925 |
| 7 | Global Reach Partners Limited (Corporate FX) | 31 December 2010 | £2,241,000 |
| 8 | Foreign Currency Direct plc | 31 October 2010 | £1,742,281 |
| 9 | Global Currency Exchange Network | 31 March 2009 | £1,717,169 |
| 10 | Associated Foreign Exchange (AFEX) | 31 December 2010 | £1,367,463 |
[edit] Notes
[edit] Footnotes
- ^ All UK currency brokers must be Authorised as Payment Institutions by the FSA. This list is publicly available on the FSA website. All UK companies must also submit their full accounts to Companies House. The accounts of all the authorised payment institutions were checked with Companies House on the 27th June 2011 to create this list. The UK's Companies House website http://www.companieshouse.gov.uk/. Measured by pre-tax profit as turnover is not available for all companies.
- ^ It is difficult to tell the exact revenue generated by Travelex from their private and corporate foreign exchange due to the number of entities and business areas they have but it has been reported as around £30m for the UK.
- ^ TTT also has high-street and airport/station bureaux de change. This profit figures includes that profit.
[edit] References
- ^ "The Queen's Awards for Enterprise". businesslink.gov.uk. 2009. http://www.queensawards.org.uk/business/business.html.
- ^ "Fast Growth Business Awards 2010 Finalists". Growing Business Magazine. April 14, 2010. http://www.fgba.co.uk/2010_finalists.html.
