UK supermarket group Sainsbury’s is divesting its travel money business to Ireland’s Fexco. Financial details of the transaction were not disclosed.
Fexco will assume control of all operations related to Sainsbury’s Travel Money, which includes digital platforms and over 220 bureaux within Sainsbury’s stores. The services will continue under the Sainsbury’s brand, with the company receiving a share of revenue and rental income.
This acquisition expands Fexco’s presence in the UK to more than 460 locations, positioning it as a top five player in the sector.
Bláthnaid Bergin, CFO of Sainsbury’s, stated, “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.”
In recent years, Sainsbury’s has been distancing itself from financial services, having sold its retail banking operations to NatWest, offloaded its mortgage book to Co-operative Bank, and transferred its ATM business to NoteMachine.