Former Finablr firm Travelex 'exploring options to sell company'

Talks are reportedly taking place to gauge buyer interest

A passenger walks past a Travelex currency exchange at Manchester Airport in Manchester, Britain January 8, 2020. REUTERS/Phil Noble
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The owners of British currency exchange Travelex are exploring options to sell the company, which fell into administration in 2020, four sources familiar with the matter told Reuters.

Owners include bondholders that took control of Travelex after undergoing debt restructuring and they are now working with advisers at Barclays and Smith Square Partners to gauge buyer interest, said two of the people.

One added that the company is expected to go to auction early next year.

Deliberations are still preliminary and there is no certainty that a sale will proceed, said the people, who declined to be named because the talks are not public.

Travelex's 2022 accounts show Barings LLC as its largest investor, with a 52 per cent stake, followed by Corre Partners Management, Vector Capital Management and Mariner Investment Group.

Barings, Barclays, Smith Square and Vector Capital declined to comment. Corre, Mariner and Travelex did not immediately respond to requests for comment.

Formerly part of now-defunct Finablr, Travelex's fortunes quickly turned due to the coronavirus pandemic and a cyber attack that forced it to temporarily disable its systems.

It then went through a pre-pack administration that led to more than 1,300 job losses and creditors seizing control.

Travelex's revenue has since rebounded as international travel resumed with the easing of pandemic restrictions, generating sales of nearly £369 million ($450 million) last year and a profit after tax of £7 million.

Last week, Travelex announced a £90 million debt refinancing through a five-year senior term facility.

Updated: September 28, 2023, 11:01 PM