Thomas Global Exchange, No.1 Currency Sold Out of Administration

FRP says completed sale of No 1 Currency Limited and Thomas Exchange Global Limited out of administration.

• FRP says has been working with businesses’ management teams in recent weeks to restructure operations and explore a solvent sale
• Says all sites have remained closed since start of lockdown period; without a buyer, directors appointed joint administrators
• Joint administrators have transferred 89 No1 Currency, 10 TEG sites to travel money business Currency Exchange Corporation through pre-pack administration
• Transaction sees 392 staff transfer to acquirer, which shares the same parent company as TEG and No1 Currency, administrators say
• “Without a clear rebound in ...