News

MyTravel sells foreign exchange for £20 million

THE
MyTravel Group has sold its foreign exchange business to Travelex for £20.8
million.

The
group has entered into an agreement with Travelex to allow MyTravel Financial
Services to carry on supplying foreign exchange to its travel agency shops for
a maximum of 10 years.

The
total consideration is £20.8 million, of which £8 million relates to the sale
of MTFS and the balance of £12.8 million relates to an upfront rebate payment
under the agreement, which was paid in cash at completion.

The news follows the group’s recent
meeting with its 27 banks, warning of further job cuts worldwide, and its
recent decision to take short-break operator Cresta off sale because offer
prices were not high enough.

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