FEXCO’s No.1 Currency doubles UK market share in 2014; expansion continues with 15 new stores and 60 new jobs in 2015


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Joe Redmond of Fexco, right, with Grant Shapps, Conservative Party chairman

No.1 Currency’s nationwide presence in the UK to extend to nearly 300 stores and retail partners by the end of 2015

FEXCO, Ireland’s most successful independent multinational financial services provider, has today announced a major network expansion of No.1 Currency, its UK-based retail foreign currency operation, with 15 new retail outlets and 60 new jobs being created during 2015.

This is the second major expansion of No.1 Currency in the UK in the last 12 months*. Following today’s announcement, No.1 Currency’s nationwide presence in the UK market will extend to nearly 300 retail stores and partners by the end of 2015, of which 56 will be No.1 Currency high street stores and 240 will be retail partners, employing a total number of 260 people across the country. Today’s announcement reinforces No.1 Currency’s position as one of the leading providers of foreign currency services in the UK.

Commenting on the announcement, FEXCO’s Director of Foreign Exchange Services, Joe Redmond, said: ‘FEXCO’s retail foreign currency operation, No.1 Currency, grew twofold in the UK last year and looks set for further significant growth with the aim of serving 1 million customers by the end of 2015. Since launching operations in the UK foreign currency market in 2012, FEXCO’s No.1 Currency has trebled its share of the UK market and expanded its retail distribution network to 240 outlets across the UK, of which 56 are No.1 Currency-owned and managed. Our strategy for 2015 is firmly focused on further expanding our No.1 Currency network in Ireland and the UK. The UK remains the most attractive market in the world for specialist FX companies like FEXCO, even more so this year as the British economy recovers and the pound continues to strengthen’.

“In addition to the No.1 Currency retail expansion, 2015 will see a continued rollout of its online service propositions for customers wishing to order and purchase their travel money online and collect it from participating Credit Unions in Ireland, and our extensive network of No.1 Currency outlets and agency partnerships in the UK. While these new service innovations, including Click & Collect and Click & Sell** which launched last year, offer customers a hassle free means of ordering and paying for currency online, they are also, ironically, driving footfall into retail outlets. Up to 12% of total travel money transactions conducted by FEXCO/No. 1 Currency in 2014 were online.”

“Having acquired four businesses in the UK over the last three years, FEXCO remains on the lookout for further suitable acquisitions and strategic partnerships in the retail and financial sectors.”

Speaking about today’s announcement during his visit to FEXCO’s Dublin offices, Minister Grant Shapps MP, said; “I am delighted to join with FEXCO in announcing their continued expansion into the UK, which will lead to the creation of 60 new jobs.”

“This is the second major expansion of FEXCO in the UK in the last 12 months and reinforces the strength of the offering of the UK market, in terms of how it can provide innovative companies like FEXCO to choose the UK in which to invest and how Britain provides the potential to grow and succeed in a thriving economy.”

“So we very much welcome this announcement today and look forward to working with FEXCO to continue to grow and succeed in the UK.”

*In 2014, No.1 Currency also opened 15 new retail outlets with the creation of 60 new jobs, as well as the acquisition of foreign currency provider InterCash.

**Click & Collect allows customers to simply log on to www.no1currency.com, order their currency and collect it from any No.1 Currency retail or its 240 partners in the UK and Ireland. Click & Sell allows customers returning home with foreign currency to change back to their home currency.

 

 

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