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Travelex Holdings Limited and certain subsidiaries - in administration

 

TRAVELEX HOLDINGS LIMITED
TRAVELEX LIMITED
TRAVELEX UK LIMITED
TRAVELEX BANKNOTES LIMITED
TRAVELEX GROUP INVESTMENTS LIMITED
TRAVELEX FINANCING PLC
(collectively referred to as “the Companies”)

On 21 July 2020, Mark James Tobias Banfield, David James Kelly and Edward John Macnamara were appointed as joint administrators of Travelex Banknotes Limited. On 6 August 2020, they were also appointed as joint administrators of Travelex Holdings Limited, Travelex Limited, Travelex UK Limited, Travelex Group Investments Limited and Travelex Financing Plc. The joint administrators now manage the affairs, business and property of the Companies as their agents and without personal liability.

On 6 August 2020, a restructuring of the Travelex Group was completed that included the above Companies being placed into administration. We have set out below a summary of the events leading up to the appointment of administrators and a summary of the restructuring.

The Travelex Group (referred to below as “Travelex” or “the Group”)

Travelex is the global market leader in cash foreign exchange services. It traded in over 80 currencies and operated in over 50 countries, both online and through a network of over 1,000 stores (including all the major airports) and with over 1,000 ATMs around the world. The group also provided outsourcing services for partners including banks, supermarkets and travel agencies, extending its reach to over 60 countries. 

On 31 December 2019, Travelex suffered a cyber attack that affected its business and in particular its customer-facing systems which were taken offline. The subsequent outbreak of Covid-19 created considerable uncertainty on future financial performance and the spread of the virus resulted in a sharp decline in air passenger numbers impacting global travel.

As widely publicised in the media, in April 2020 Travelex announced that it was seeking a sale of the Group but on 15 June 2020, it confirmed that the sale process had been terminated following the receipt of offers that were unacceptable to the Group’s secured lenders and noteholders. The Group then focussed on the parallel discussions with lenders and noteholders in relation to a long-term financial restructuring. 

Financial Restructuring

Travelex announced on 7 July 2020 that an agreement had been reached with senior lenders and banks on a debt restructuring that would provide new liquidity and a significant reduction in existing financial debt; designed to provide a stable platform from which the Group could emerge successfully from the challenges posed by Covid-19. The restructuring was completed on 6 August 2020. 

We summarise below the impact of the restructuring, more details of which can be found in this announcement.  As part of the restructuring, certain of the Group companies entered administration and the joint administrators completed a number of asset purchase agreements in order to sell the business, property and assets of the Companies.

The purchaser is Travelex Acquisitionco Limited, a special purpose vehicle controlled by certain of the noteholders, one of the two groups of secured lenders to Travelex. 

The acquisition largely comprises Travelex’s wholesale and outsourcing businesses and contracts, including those with major supermarkets; and the off-airport ATM network. Certain of the retail assets of Travelex UK Limited were sold to Travelex Foreign Coin Services Limited (“TFCS”) to preserve the option to review and reshape the UK retail operations once global travel restrictions are lifted and passenger numbers increase. It should be noted that TFCS has not been sold to Travelex Acquisitionco Limited, but will continue to trade as a subsidiary of Travelex Limited (in administration).

Completing this transaction has ensured the continuation of a globally recognised brand, safeguarding 1,802 jobs in the UK and a further 3,635 globally. However, various airport and non-airport locations have not been sold as the majority of the UK retail business is no longer trading, and, sadly, the joint administrators had to make 1,309 UK employees redundant following their appointment. 

The redundancies are mainly at airports locations, closed retail stores and certain central functions. The joint administrators will be engaging with all employees and providing support to those affected by redundancy.

The Companies will not continue to trade in administration, but will be providing certain services to the purchaser under a Transitional Services Agreement until such time as the purchaser has completed the transfer of all necessary contracts and services. 

How to contact us

The joint administrators will be writing to creditors around 13 August 2020 to confirm their appointment, provide further information on the restructuring and to explain what this means for creditors. That report should answer most of the questions creditors are likely to have and therefore we ask that creditors review that report before contacting us, in order to help us minimise the costs of the administration. Please also read the sections at the bottom of this page which contain further information and FAQs.

In most cases, the relevant first point of contact will be your usual contact at Travelex.  However, should you still need to contact us, please use the most appropriate email address below:

Employees uk_travelex_employees@pwc.com

Creditors uk_travelex_creditors@pwc.com

Landlords uk_travelex_landlords@pwc.com

Queries relating to Travelex’s overseas businesses should also be directed in the first instance to those local businesses as the joint administrators have not been appointed over them. Should it still be necessary to contact us, please use the following email address:

Overseas uk_travelex_overseas@pwc.com

For all other queries, please use the following email address:

General enquiries uk_travelex_enquiries@pwc.com

When contacting us by email, please specify which Travelex company your query relates to. Alternatively the joint administrators can be contacted by submitting queries using this form: https://pwc-uk.force.com/brsqueryform/s/

If you would like to contact us by phone, please use the relevant number listed below:

The phonelines previously hosted on this website have now been decomissioned. Any queries should be directed to the relevant email address above. 

Documents available to view or download

During the course of the administration, reports to creditors and certain other documents will be available to view or download here.

 

Update 24 August 2020 

Please click here to view the Travelex Banknotes Limited - Letter to creditors with notice to creditors of  decisions to be sought at a creditors' meeting

Submitting a claim 

Our preferred method for creditors to submit claims and supporting documentation is via the online Turnkey IPS Portal www.ips-docs.com, as this is the most effective way for claims to be dealt with. We will be issuing creditors with their unique login details within the next two weeks.

However in the event you are unable to submit your claim via the portal, please use the form below and send it to us at uk_travelex_enquiries@pwc.com or c/o PwC, Central Square, 29 Wellington Street, Leeds, LS1 4DL

Travelex Banknotes Limited - Proof of Debt Form

Travelex Holdings Limited - Proof of Debt Form

Travelex Financing Plc - Proof of Debt Form

Travelex UK Limited - Proof of Debt Form

Travelex Limited - Proof of Debt Form

Travelex Group Investments Limited - Proof of Debt Form

 

Employee Update - 10 August 2020

Please note that, on 7 August 2020, letters were sent out to all employees impacted by the redundancies announced on 6 August 2020. If you are expecting to receive a letter but have not received one to your home address by 14 August 2020, please contact the email address for employee queries (uk_travelex_employees@pwc.com)

 

Mark James Tobias Banfield, David James Kelly and Edward John Macnamara have been appointed as joint administrators of Travelex Holdings Limited, Travelex Limited, Travelex UK Limited, Travelex Banknotes Limited, Travelex Group Investments Limited and Travelex Financing Plc to manage their affairs, business and property as their agents without personal liability. The joint administrators are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The joint administrators are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics

The joint administrators may act as controllers of personal data, as defined by the UK data protection law, depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the joint administrators. Personal data will be kept secure and processed only for matters relating to the joint administrators’ appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the joint administrators.

 

 

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