|Private limited company|
|Lloyd Dorfman (Founder)|
|Revenue||£721.5 million (2014)|
|£85.9 million (2014)|
|Owner||Apax Partners, B. R. Shetty and Lloyd Dorfman|
Number of employees
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 as well as global remittances. It is the world's largest foreign exchange bureau and is a major donor and sponsor of the Royal National Theatre.
Travelex was founded by Dorfman, and opened its first branch in central London in 1976.
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. 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". Later that year it sold its card programme management division to MasterCard for £290 million to help reduce its debts.
In 2014, Apax Partners sold its majority stake of 51% to UAE based Indian businessman Bavaguthu Shetty valuing the company at approx £1bn. Shetty also owns UAE Exchange a UAE-based money transfer business that operates in 32 countries. Shetty who also owns London-listed NMC Health was supported in acquisition by Abu Dhabi-based investment vehicle Centurion. This sale was completed in January 2015.
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