FEXCO Acquires Operations of UK-based Foreign Exchange Company InterCash

LONDON, February 21, 2014 /PRNewswire/ --

Third retail foreign exchange acquisition in the UK market under No.1 Currency arm of FEXCO since 2011

FEXCO, Ireland's most successful multinational financial and business solutions provider, which employs more than 2,000 people worldwide, has this week announced the acquisition of InterCash, whose retail foreign exchange operations extend across the south of England. InterCash represents FEXCO's third acquisition under its No.1 Currency operation in the UK market since 2011.

This week's acquisition follows on from FEXCO's recent announcement of a major organic expansion of its retail foreign exchange operations in the UK under the No.1 Currency brand. This expansion will see No.1 Currency increase its high street presence in the UK by 20 locations in 2014, creating 80 new jobs.

Commenting on today's announcement, No.1 Currency's Head of Retail, Simon Phillips, said: "InterCash is a well-established and highly regarded business in the south of England, a region we are keen to expand our presence in. We are delighted to welcome the InterCash team into the No.1 Currency fold."

"No.1 Currency has expanded rapidly over the last three years, as the demand for foreign currency has increased. With our expanding network of retail outlets and agents located across the UK, No.1 Currency is best positioned to meet this growing demand by offering market leading rates, excellent service, no commission charged on transactions, and a wide network of retail outlets to collect your foreign currency from."

FEXCO's Director of Foreign Exchange Services, Joe Redmond, added: "Our strategy of investing in new international markets during the global economic crisis has presented attractive organic growth and acquisition opportunities in equal measure for FEXCO. In the case of the UK, we are becoming increasingly well positioned, as its economy, in particular, continues to show strong signs of recovery."

"Business and leisure travellers alike continue to take foreign cash as part of their travel money portfolio when travelling overseas. We are seeing no signs whatsoever that the customer's preference for carrying foreign currency is changing. Customers are more conscious than ever about whether or not their cards will be universally accepted at their destination."  

No.1 Currency is part of FEXCO, Ireland's most successful multinational financial and business solutions provider, with operations in 28 countries worldwide. FEXCO enables customers and organisations to unlock the potential in their financial transaction services and business solutions.

About FEXCO

FEXCO is Ireland's most successful multinational finance and business solutions provider, with operations in 28 countries worldwide. Founded and headquartered in Ireland in 1981, FEXCO employs more than 2,000 people across Europe, the Middle East, Asia, North America, Latin America and Australasia.

FEXCO serves some of the world's biggest brands across multiple industries through a wide range of innovative products and services, including Dynamic Currency Conversion, Commercial and Retail FX, Managed Business Solutions and Tax Free Retail Services.

For thirty three years, FEXCO has been driven by an entrepreneurial and innovative spirit. This ethos has brought the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to integrity and innovation, the company has built an international network of partners and customers.

Contact:

Emma Hynes
Group PR Manager
+353-87-7662256
ehynes@FEXCO.com