LONDON (AFP) – Travelex, the currency exchange group, has axed more than 1,300 jobs in the United Kingdom (UK), blaming the move on the financial fallout from the coronavirus pandemic and a cyber attack. Financial company PwC, brought in by Travelex to advise on how to remain afloat, said late Thursday that a restructuring deal had been struck to provide GBP84 million (USD108 million, EUR92 million) in fresh funds.
“Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant,” said Toby Banfield, one of three PwC administrators overseeing the case.
“The impact of a cyber attack in December 2019 and the ongoing COVID-19 pandemic this year has acutely impacted the business,” PwC added in a statement.
However Travelex has managed to maintain 1,802 jobs in the UK and a further 3,635 positions abroad.
Prior to the coronavirus outbreak, Travelex was hit hard by a cyber attack on New Year’s Eve.
The hack resulted in its systems not working for weeks, costing the group heavily.
Meanwhile with a strong presence in airports around the world, Travelex has suffered further losses as the bulk of planes remain grounded by the virus outbreak.