Travelex
| File:Travelex logo.gif | |
| Company type | Private limited company |
|---|---|
| Industry | Financial Services |
| Founded | 1977 |
| Headquarters | Kingsway, London , |
Key people | Lloyd Dorfman (Founder and Chairman) |
| Products | Foreign exchange |
| Website | http://www.travelex.com/ |
Travelex Group is foreign exchange company founded by Lloyd Dorfman and headquartered London. Its main businesses are international payments, bureau 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.
History
It was founded in 1976 by Lloyd Dorfman in central London.
On November 8, 2000 it bought Thomas Cook's worldwide foreign exchange business for £440m which significantly expanded its international operations.[3]
In Feb 2005, buy-out firm Apax Partners bought a majority stake in the company, however Lloyd Dorfman retained 30% and continued to run the business.[4]
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".[5] Later that year it sold its card program management division to MasterCard for £290 million to help reduce its debts.[6][7]
In April 2011 Travelex were on the verge of appointing banks to manage the sale of its global business payments division.[citation needed]
On July 5, 2011 Travelex sold its Global Business Payments division to Western Union for £606 Million.[8]
Currenlty travelex have their operations in 25 countries and 1000+ branches , the total workforce of travelex is 6500+.
References
- ^ Travelex Group information on official website, accessed 7 December 2010
- ^ Brown, Mark "National Theatre's Cottesloe venue to be renamed after £10m donor" The Guardian 28 October 2010. Retrieved 7 December 2010.
- ^ London(Business Wire) (November 8, 2000). "Travelex plc Acquires Thomas Cook Financial Services Division". Retrieved January 8, 2011.
{{cite news}}:|author=has generic name (help) - ^ "Apax Partners to Buy Majority of Britain's Travelex". Bloomberg. February 28, 2005. Retrieved February 01, 2011.
{{cite news}}: Check date values in:|accessdate=(help) - ^ "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.
{{cite news}}: Check date values in:|accessdate=(help) - ^ "Western Union to Acquire Travelex Global Business Payments". Businesswire. July 05, 2011.
{{cite news}}: Check date values in:|date=(help)
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