Fexco makes seventh acquisition in UK and plans more
KERRY-based financial services company Fexco has made its seventh acquisition in Britain, in a move that increases its foothold in the retail foreign exchange market there.
The State's largest privately-owned financial services group has bought Changelink Ltd. No consideration for the purchase was revealed.
Changelink is the UK's longest-established specialist retail foreign-exchange operator. Since it was founded in 1972, Changelink has occupied a leading position in the London foreign exchange market.
Purchasing Changelink means Fexco - which is controlled by the Kilorglin-based McCarthy family - now has a share of more than 10pc of the British retail foreign exchange market.
It is Fexco's seventh acquisition in the UK since 2012. During that period Fexco has grown its share of the UK market from zero, employing over 400 people and serving the travel money requirement of over three million customers through 110 branches.
Fexco said it aims to make more acquisitions outside this country.
The acquisition represents a bet that holiday makers will continue to want to take cash, along with payment cards, with them when they travel. Fexco said a recent survey of its customers revealed that 90pc said they would still be using cash in five years' time.