Foreign exchange firm Travelex has collapsed into administration, with the immediate loss of more than 1,300 jobs. Advisory firm PwC has been appointed to carry out a complex restructuring deal and pre-pack administration, which allows buyers to cherry-pick the best assets and ditch those they don’t want.
The administrators said the impact of a cyber-attack in December and the ongoing Covid-19 pandemic had “acutely impacted the business.”
It comes six months after the company was attacked by ransomware hackers at the turn of the year. The attack caused a month of disruption, and at times staff could not use computers to keep track of their currency trading.
The breach disrupted online travel money services for clients including Royal Bank of Scotland, Barclays, Tesco Bank and Asda.