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Irish Post
30-07-2025
- Business
- Irish Post
'Perfect fit': Irish firm Fexco acquires Sainsbury's Travel Money business
IRISH financial services firm Fexco has acquired Sainsbury's Travel Money business in what the Kerry-based company has described as a 'perfect fit'. Offering foreign exchange and payment services, Fexco operates an extensive network of travel money stores and agents across Ireland, Britain and the Pacific. The Kilorglin company said the Sainsbury's deal will significantly expand its British operations, giving it control of more than 220 travel money bureaux within the supermarket chain's stores "We are thrilled to welcome Sainsbury's Travel Money, its talented team and their millions of loyal customers to Fexco Group," said CEO Neil Hosty. "The reputation and reach of the Sainsbury's Travel Money business, with over 220 locations, make it a perfect fit with our commitment to delivering market-leading travel money services. "Since 1981, Fexco has built a legacy of outstanding customer service, delivered through strong partnerships and product innovation. "We are excited to extend that same level of excellence and continuity to the exceptional Sainsbury's group as we bring the Sainsbury's Travel Money business into the Fexco family." 'Strong fit' Fexco says the deal, which includes Sainsbury's digital platforms as well as outlets, will place the company among the top five players in the sector. It also opens up access to over 18m Nectar members, offering an opportunity to extend Fexco's travel money services. Bláthnaid Bergin, Sainsbury's Chief Financial Officer, said customers in Britain will see no immediate changes, with the Sainsbury's Travel Money brand continuing as normal. "Travel money is a service our customers value 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," she said. "With over 220 bureaux nationwide and almost 10 per cent of the UK market, this is a well-established part of our offer and we're pleased it will continue under the Sainsbury's brand. "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." Fexco say full integration is planned for early 2026. See More: Fexco, Sainsburys
Irish Examiner
30-07-2025
- Business
- Irish Examiner
Kerry-based Fexco acquires Sainbury's Travel Money service
Irish financial services company Fexco has announced the acquisition of Sainsbury's Travel Money service, marking an expansion of the company's operations in the UK. 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.
RTÉ News
30-07-2025
- Business
- RTÉ News
Fexco Group buys Sainsbury's Travel Money business
Co Kerry-based financial services and technology company Fexco has announced a deal to buy Sainsbury's Travel Money for an undisclosed sum. Fexco said today's acquisition will strengthen its position in the UK market and will significantly enhance its digital and in-store offering. Fexco 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 supermarket group's retail network. It also extend Fexco's retail presence to more than 460 locations across the UK and also opens up access to over 18 million Nectar members, the UK's biggest loyalty programme. Integration of the Sainsbury's Travel Money brand and services is planned for early 2026, and customers can expect a smooth transition with uninterrupted service and a broader range of options in both digital and physical formats. The brand will join Fexco's existing portfolio across Ireland, the UK, Australia, New Zealand and the Pacific Islands, which include No1 Currency, Currency Exchange Corporation, Thomas Exchange Global and Founded in 1981, Fexco employs over 2,800 people across its suite of companies, and is headquartered in Killorglin, Co Kerry. Neil Hosty, CEO of Fexco Group, said the reputation and reach of the Sainsbury's Travel Money business, with over 220 locations, make it a perfect fit with the company's commitment to delivering market-leading travel money services. "Since 1981, Fexco has built a legacy of outstanding customer service, delivered through strong partnerships and product innovation. We are excited to extend that same level of excellence and continuity to the exceptional Sainsbury's group as we bring the Sainsbury's Travel Money business into the Fexco family," the CEO added. Bláthnaid Bergin, Sainsbury's Chief Financial Officer, said that with over 220 bureaux nationwide and almost 10% of the UK market, this is a well-established part of the Sainsbury's offer, adding that it will continue to trade under the Sainsbury's brand. "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 .
