Fexco buys UK payments network

Kerry based financial services firm Fexco, is to acquire No 1 Currency, the Edinburgh based corporate payments and bureau de change business, for an undisclosed sum.

Fexco will also acquire No 1 Currency's licensed bureau de change network of outlets throughout the UK.

The transaction will complete on a phased basis which will see the bureau de change business transferring to Fexco by March 1st, while the acquisition of the corporate payments business is expected to complete within three months.

"No 1 Currency provides Fexco with an enhanced national footprint, a strong platform for continued growth in the UK and a material income stream. It also gives Fexco access to a recognised brand identity with a strong web presence," Joe Redmond, group executive of Fexco said.

No 1 Currency operates its Corporate Payments business from its base in Scotland, and manages a network of company owned and licensed currency exchange business across the UK, all of which sell and buy foreign currency under the brand name of No1 Currency.

Fexco proposes to retain existing No 1 Currency staff and locations under the terms of the deal.