An Irish financial services firm, Fexco, has agreed to buy Sainsbury’s travel money business for an undisclosed sum.
Sainsbury’s has 220 bureaux de change in its stores giving it about 10% of the UK market.
They will continue to operate under the Sainsbury’s brand and the supermarket chain will receive rental income and a share of revenue.
Fexco, which is based in County Kerry, employs almost 3,000 people working mainly in foreign exchange and payments.
The deal will almost double the number of outlets the company operates in the UK.
Neil Hosty, chief executive of Fexco Group, said the Sainsbury’s business, was “a perfect fit”.
Sainsbury’s has been selling off its financial services operations.
Last year it agreed to sell its personal loans, credit card and deposits portfolios to NatWest while its cash machines have been bought by NoteMachine.
Rival chain Tesco also sold its banking operations to Barclays last year.
BBC News
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