Report: Travelex Owners Assess Buyer Interest for Potential Sale

British currency exchange company Travelex is reportedly considering a sale.

The owners of Travelex, including former bondholders who gained control through a debt restructuring, are working with advisers to assess buyer interest, Reuters reported Thursday (Sept. 28), citing unnamed sources.

An auction is expected to take place early next year, one unnamed source said. However, the talks are in their early stages, and the company may not proceed with a sale, according to the report.

Travelex did not immediately reply to PYMNTS’ request for comment. 

The COVID-19 pandemic and a cyberattack had a detrimental impact on Travelex’s fortunes, leading to the company falling into administration in 2020, according to the report. 

However, with the easing of pandemic restrictions and the resumption of international travel, Travelex has managed to rebound, the report said. Travelex reported a profit after tax of 7 million pounds ($8.5 million) in 2022.

Travelex announced Monday (Sept. 25) that it has completed a 90-million-pound refinancing deal to invest in growth. With international travel nearing pre-COVID levels, the firm is working to expand its retail offering, develop new wholesale relationships and invest in product innovation.

“We are delighted to have secured this financing, which is a considerable vote of confidence in both the business and our ambitions for the future,” Richard Wazacz, CEO of Travelex, said in a Monday press release. “With travel having recovered and market indicators pointing to significant growth for the foreseeable future, this funding will enable Travelex to capitalize on the many opportunities this presents.”

In February, Travelex launched a wholesale banknote business in the Middle East, saying continued consumer demand for travel is driving continued use of cash. The company said at the time that it had already “onboarded a wide range of retail bank and non-bank customers across the region” and planned to expand across Europe, the Middle East/North Africa region and Asia. 

A month earlier, in January, the firm teamed with travel site Kayak to help consumers plan trips. With that collaboration, Travelex customers can now search for flights, stays and rental cars within the Travelex Money app — meaning they can plan their trip and manage the funding for it in one place.