Sainsbury's sells travel money business to Fexco
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Fexco will take over all operations of Sainsbury's Travel Money, including digital platforms and more than 220 bureaux within the supermarket's stores. Services will continue to operate under the Sainsbury's brand with the company receiving an ongoing share of revenue and rental income.
The deal increases Fexco's UK retail footprint to more than 460 locations, making it a top five player in the sector.
Bláthnaid Bergin, CFO, Sainsbury's, says: With specialist expertise and a strong track record in foreign exchange, Fexco Group is a strong fit for our business. I'm also pleased to confirm that there will be no immediate changes, and customers can expect the same high level of service they know and trust.'
Sainsburys has been withdrawing from financial services in the last two years, selling its retail banking operations to NatWest, offloading is mortgage book to Co-operative Bank, and handing over its ATM business to NoteMachine.
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