London Daily

Focus on the big picture.
Wednesday, Nov 12, 2025

Travelex strikes rescue deal but 1,300 UK jobs go

Travelex strikes rescue deal but 1,300 UK jobs go

Foreign exchange firm Travelex has struck a deal to stay afloat, but with the loss of more than 1,300 jobs in the UK.

Administrators PwC said a cyber-attack followed by the Covid-19 crisis had "acutely" hit the firm.

Travelex was held to ransom by hackers in January after the cyber-attack forced it to turn off its systems.

PwC said that a so-called "pre-pack" administration deal had been reached which had saved 1,800 UK Travelex jobs.

This is where a firm sells all or some of its assets to a pre-determined buyer and appoints administrators to do so.

PwC said parts of the firm had been bought by a newly created company controlled by its lenders.

That includes the parts that deal with supermarkets and large corporate and banking customers, and some of its airport business.

However, the High Street shops and airport branches that were closed during lockdown will not reopen.

It said the deal had delivered £84m of new money and substantially reduced the business's debts.

Global brand


Toby Banfield, joint administrator at PwC, said it had enabled a core part of the business to continue operating under new ownership.

He added: "The completion of this transaction has safeguarded 1,802 jobs in the UK and a further 3,635 globally, and ensured the continuation of a globally recognised brand.

"Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant today.

"Our dedicated employee team will be providing support to all of the people impacted."

Travelex suffered more than a month of disruption to its operations at the start of this year, after it discovered on New Year's Eve that it had been hacked.

The firm did not disclose full details, but a gang called Sodinokibi claimed to have accessed reams of sensitive customer data and demanded a ransom of $6m (£4.6m).

At the height of the disruption, cashiers resorted to using pen and paper to keep money moving at bureaux de change in airports and on High Streets.

Travelex is the latest firm to shed jobs as the coronavirus crisis continues to take its toll on the economy and the government's job retention scheme starts to wind down.

So far this month, Dixons Carphone has said 800 jobs are to go, Hays Travel said 878 employees could lose their jobs and DW Sports said 1,700 jobs were at risk.

In the hospitality sector, hotel giant LGH has said 1,500 jobs are at risk, while Pizza Express said on Tuesday that it could close 67 UK restaurants, with the loss of 1,100 jobs.

Newsletter

Related Articles

0:00
0:00
Close
UK Upholds Firm Rules on Stablecoins to Shield Financial System
Brussels Divided as UK-EU Reset Stalls Over Budget Access
Prince Harry’s Remembrance Day Essay Expresses Strong Regret at Leaving Britain
UK Unemployment Hits 5% as Wage Growth Slows, Paving Way for Bank of England Rate Cut
Starmer Warns of Resurgent Racism in UK Politics as He Vows Child-Poverty Reforms
UK Grocery Inflation Slows to 4.7% as Supermarkets Launch Pre-Christmas Promotions
UK Government Backs the BBC amid Editing Scandal and Trump Threat of Legal Action
UK Assessment Mis-Estimated Fallout From Palestine Action Ban, Records Reveal
UK Halts Intelligence Sharing with US Amid Lethal Boat-Strike Concerns
King Charles III Leads Britain in Remembrance Sunday Tribute to War Dead
UK Retail Sales Growth Slows as Households Hold Back Ahead of Black Friday and Budget
Shell Pulls Out of Two UK Floating Wind Projects Amid Renewables Retreat
Viagogo Hit With £15 Million Tax Bill After HMRC Transfer-Pricing Inquiry
Jaguar Land Rover Cyberattack Pinches UK GDP, Bank of England Says
UK and Germany Sound Alarm on Russian-Satellite Threat to Critical Infrastructure
Former Prince Andrew Faces U.S. Congressional Request for Testimony Amid Brexit of Royal Title
BBC Director-General Tim Davie and News CEO Deborah Turness Resign Amid Editing Controversy
Tom Cruise Arrives by Helicopter at UK Scientology Fundraiser Amid Local Protests
Prince Andrew and Sarah Ferguson Face Fresh UK Probes Amid Royal Fallout
Mothers Link Teen Suicides to AI Chatbots in Growing Legal Battle
UK Government to Mirror Denmark’s Tough Immigration Framework in Major Policy Shift
UK Government Turns to Denmark-Style Immigration Reforms to Overhaul Border Rules
UK Chancellor Warned Against Cutting Insulation Funding as Budget Looms
UK Tenant Complaints Hit Record Levels as Rental Sector Faces Mounting Pressure
Apple to Pay Google About One Billion Dollars Annually for Gemini AI to Power Next-Generation Siri
UK Signals Major Shift as Nuclear Arms Race Looms
BBC’s « Celebrity Traitors UK » Finale Breaks Records with 11.1 Million Viewers
UK Spy Case Collapse Highlights Implications for UK-Taiwan Strategic Alignment
On the Road to the Oscars? Meghan Markle to Star in a New Film
A Vote Worth a Trillion Dollars: Elon Musk’s Defining Day
AI Researchers Claim Human-Level General Intelligence Is Already Here
President Donald Trump Challenges Nigeria with Military Options Over Alleged Christian Killings
Nancy Pelosi Finally Announces She Will Not Seek Re-Election, Signalling End of Long Congressional Career
UK Pre-Budget Blues and Rate-Cut Concerns Pile Pressure on Pound
ITV Warns of Nine-Per-Cent Drop in Q4 Advertising Revenue Amid Budget Uncertainty
National Grid Posts Slightly Stronger-Than-Expected Half-Year Profit as Regulatory Investments Drive Growth
UK Business Lobby Urges Reeves to Break Tax Pledges and Build Fiscal Headroom
UK to Launch Consultation on Stablecoin Regulation on November 10
UK Savers Rush to Withdraw Pension Cash Ahead of Budget Amid Tax-Change Fears
Massive Spoilers Emerge from MAFS UK 2025: Couple Swaps, Dating App Leaks and Reunion Bombshells
Kurdish-led Crime Network Operates UK Mini-Marts to Exploit Migrants and Sell Illicit Goods
UK Income Tax Hike Could Trigger £1 Billion Cut to Scotland’s Budget, Warns Finance Secretary
Tommy Robinson Acquitted of Terror-related Charge After Phone PIN Dispute
Boris Johnson Condemns Western Support for Hamas at Jewish Community Conference
HII Welcomes UK’s Westley Group to Strengthen AUKUS Submarine Supply Chain
Tragedy in Serbia: Coach Mladen Žižović Collapses During Match and Dies at 44
Diplo Says He Dated Katy Perry — and Justin Trudeau
Dick Cheney, Former U.S. Vice President, Dies at 84
Trump Calls Title Removal of Andrew ‘Tragic Situation’ Amid Royal Fallout
UK Bonds Rally as Chancellor Reeves Briefs Markets Ahead of November Budget
×