Foreign exchange specialist Travelex is said to be on the verge of appointing banks to manage the sale of its global business payments division.
Reports over the weekend said the firm would use proceeds of the sale to expand its currency services division in Asia and South America. The reports came after Travelex, which is the largest provider of foreign exchange services to business outside of the banking sector, reported its second best ever profits last month.
It saw a 9% increase in underlying earnings to £131 million. However its business payments arm saw earning fall 5% to £42 million after substantial investment in technology. Last year Travelex sold its pre-paid currency card division to Mastercard for £209 million and has been the subject of listing speculation.
This followed the admission of chairman Lloyd Dorfman that its private equity investors that owns 50% Apax Group was looking to exit the business. Reports said the plans to sell off part of the firm suggests any listing plans have been put on hold.
Travelex operates 780 foreign exchange branches in 100 airports worldwide.