Fexco, the financial and business solutions provider, has acquired the UK retail foreign exchange operator InterCash.
The deal represents the Kerry based company’s third acquisition in the UK market since 2011 and will fall in under the No.1 Currency brand. As a result, No.1 Currency will increase its high street presence in the UK by 20 locations in 2014, creating 80 new jobs.
Joe Redmond, director of foreign exchange services with Fexco, said that the company's 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,” he said, adding that the company is seeing “no signs whatsoever that the customer’s preference for carrying foreign currency is changing”.
Fexco, which operates in 28 countries internationally and employs almost 1,200 people in Ireland, will roll out its Click & Collect service, whereby a customer simply orders their currency online and collects it from their nearest retail outlet or agent, in Ireland shortly.
