Kerry-based Fexco Group has signalled a significant expansion into the UK with the acquisition of Sainsbury’s Travel Money.
Kerry-based Fexco Group becomes a major player in the UK retail foreign exchange market, with the acquisition of Sainsbury’s Travel Money, representing some 10pc of the retail foreign exchange market there. Fexco will take over all its operations as the UK supermarket group continues to retreat from financial services and refocus on retail.
The acquisition will see Fexco integrate operations by 2026, and the purchase includes the digital platforms and more than 220 travel money bureaux within Sainsbury’s stores. Integration is planned for early 2026. It increases Fexco’s footprint to 460 locations in the UK, and opens up access to Sainsbury’s 18m Nectar members.
Already a major player in the international cruise industry, this significantly expands Fexco’s retail foreign exchange (RFX) operations in the UK. For now at least, the Sainsbury’s Travel Money brand will continue, with the service available both in-store and online. No financial details for the deal were disclosed by either company.
“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,” said Neil Hosty, CEO of Fexco Group.
“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,” said Bláthnaid Bergin, Sainsbury’s Chief Financial Officer.
“With specialist expertise and a strong track record in foreign exchange, Fexco Group is a strong fit for our business.”
The deal marks a further retreat from financial services for Sanisbury’s. Last year it sold its cash machines to NoteMachine and its personal loan, credit card and retail deposit portfolios to NatWest Group. According to Reuters, Sainsbury’s Bank has also struck a deal for Allianz UK to take over its car and home insurance services.
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