Kerry-based Fexco acquires Sainbury's Travel Money service
The acquisition fee has not been disclosed.
Fexco was founded in 1981 and is headquartered in Killorglin in Kerry. It employs more than 2,800 people across its suite of companies and has operations in 50 countries.
The company operates across industries in areas of payments and foreign exchange.
Fexco called the acquisition a 'major strategic move' that strengthens its position in the UK market and 'significantly enhances its digital and in-store offering'.
Chief executive of Fexco Group Neil Hosty said the reputation and reach of the Sainsbury's Travel Money business makes it a 'perfect fit with our commitment to delivering market-leading travel money services'.
The company said through this acquisition it will assume full responsibility for the Sainsbury's Travel Money business, including its digital platforms and channels, and more than 220 physical outlets in the Sainsbury's retail network.
'The deal will extend Fexco's retail presence to more than 460 locations across the UK, firmly establishing the group as one of the top five players in the retail foreign exchange sector,' the company said.
Integration of Sainsbury's Travel Money services with Fexco is set for early 2026.
Fexco said customers can expect a 'smooth transition with uninterrupted service' when the integration takes place.
'The brand will join Fexco's existing portfolio across Ireland, the UK, Australia, New Zealand and the Pacific Islands,' the company said.
Chief financial officer with Sainsbury's Bláthnaid Bergin said Travel Money was a service its customers valued, and 'we're pleased to be entering a new long-term partnership with Fexco Group that ensures they can continue to access foreign exchange both in-store and online with the same ease and confidence'.
'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,' she added.
According to Fexco's latest financial statement for 2023, the company reported income of €178.7m, resulting in a profit of €24m.
The company saw growth across a number of its divisions. Its business services division expanded both organically and through acquisitions, while its managed and advisory services business secured several new customer contracts.
Fexco Property Services saw growth across Ireland, the UK and Australia, having secured new business within its portfolio of brands.
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