Fexco buys foreign exchange chain InterCash

Kerry firm makes third UK acquisition since 2011 as it expands No.1 Currency brand

Fexco

, the Irish financial services company, has acquired InterCash, a retail foreign exchange chain in the south of England, for an undisclosed sum. The deal is Fexco’s third acquisition in the UK market since 2011.

The company, which is based in Killorglin, Co Kerry, will take over six outlets employing about 25 staff and add the business to its No.1 Currency brand.

Expansion
The announcement of Fexco's purchase of InterCash follows news last week that the multinational plans a major expansion of its retail foreign exchange operations in Britain, which will see No.1 Currency increase its high street presence in the country by 20 locations this year.

The six outlets acquired from InterCash, which was founded in Portsmouth in 1993, comes on top of this organic growth in the chain.

Fexco's director of foreign exchange services Joe Redmond, said the company was keen to expand its presence in the south of England region.

Well positioned
He said Fexco, which employs almost 1,200 people in Ireland, was becoming "increasingly well positioned" in the UK market at a time when its economy shows "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,” Mr Redmond said.

No.1 Currency recently launched a click-and-collect service for customers in Britain who buy their currency online and then collect it from the retail outlet or at one of its 160 agents.

Fexco, which employs more than 2,000 people in 28 countries, will be introducing this service in Ireland shortly.

The 33-year-old company was founded by Brian McCarthy, its executive chairman.