PwC valuation team completes restructuring deal for Travelex

BVWire–UKIssue #17-2
August 18, 2020

financial expert services
cash flow, capital adequacy, recapitalization

PwC’s engagement to calculate the fresh capital needed to keep the remainder of ailing Travelex afloat has been completed with an agreement to provide £84 million. The currency exchange group started 2020 in trouble after their closure as a result of a cyberattack in January. Now, with a strong emphasis on airport currency exchange, and limited retail sales, the company has restructured.

The Financial Times quotes PwC administrator Toby Banfield as saying, ‘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.’ PwC also referred to COVID-19 and the New Year’s Eve cyberattack as factors.

Travelex will maintain approximately 1,800 jobs in the UK, the agreement says.

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