Monday, February 17 09:49:08
FEXCO, the Co Kerry-based multinational financial and business solutions provider, today announced the acquisition of English-based InterCash for an undisclosed sum.
InterCash's retail foreign exchange operations extend across the south of England and the purchase represents FEXCO's third acquisition in the UK market since 2011.
Today'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, FEXCO's Director of Foreign Exchange Services, Joe Redmond, 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."
"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."
"At No.1 Currency, we are committed to delivering the very best service in the market based on convenience and a wide range and availability of currencies and price. InterCash customers can expect the same great rates and excellent service with No.1 Currency. We recently launched a Click and Collect service, where a customer simply orders their currency online and collects it from their nearest No.1 Currency retail outlet, or at one of our 160 agents across the UK. Click and Collect has been a huge success and we are looking forward to expanding this service into our new retail outlets in the UK this year. We will also shortly be rolling out this service to our customers in Ireland."