Travelex’s survival has been ensured through restructuring, but 1,300 people will be made redundant in the UKTravelex, the travel money firm, has struck a deal to stay in business, but will lose more than 1,300 jobs in the UK. PWC, the administrator, said the impact of a cyberattack followed by the coronavirus crisis hit the company. It said a complex restructuring deal completed yesterday had delivered £84 million of new money through a “pre-pack administration sale” of certain entities and assets. The purchaser is Travelex Acquisitionco Limited, a special purpose vehicle controlled by the noteholders to the global Travelex Group. A pre-pack administration sale is when a company arranges a deal to sell its assets to a buyer before appointing administrators to facilitate the sale.

Source: The Times August 06, 2020 23:03 UTC