Travel money group Travelex cuts 1,300 UK jobs

File: Travelex has suffered further losses as the bulk of planes remain grounded by the virus outbreak.

File: Travelex has suffered further losses as the bulk of planes remain grounded by the virus outbreak.

Unsplash/Jason Leung

LONDON - Travelex, the currency exchange group, has axed more than 1,300 jobs in the UK, blaming the move on the financial fallout from the coronavirus pandemic and a cyberattack.

Financial company PwC, brought in by Travelex to advise on how to remain afloat, said that a restructuring deal had been struck to provide £84-million in fresh funds.

"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," said Toby Banfield, one of three PwC administrators overseeing the case.

"The impact of a cyber attack in December 2019 and the ongoing COVID-19 pandemic this year has acutely impacted the business," PwC added in a statement.

However, Travelex has managed to maintain 1,802 jobs in the UK and a further 3,635 positions abroad.

Prior to the coronavirus outbreak, Travelex was hit hard by a cyberattack on New Year's Eve.

The hack resulted in its systems not working for weeks, costing the group heavily.

Meanwhile, with a strong presence in airports around the world, Travelex has suffered further losses as the bulk of planes remain grounded by the virus outbreak.

Source
AFP