IRISH financial services firm Fexco has acquired Sainsbury's Travel Money business in what the Kerry-based company has described as a 'perfect fit'.
Offering foreign exchange and payment services, Fexco operates an extensive network of travel money stores and agents across Ireland, Britain and the Pacific.
The Kilorglin company said the Sainsbury's deal will significantly expand its British operations, giving it control of more than 220 travel money bureaux within the supermarket chain's stores
"We are thrilled to welcome Sainsbury's Travel Money, its talented team and their millions of loyal customers to Fexco Group," said CEO Neil Hosty.
"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.
"Since 1981, Fexco has built a legacy of outstanding customer service, delivered through strong partnerships and product innovation.
"We are excited to extend that same level of excellence and continuity to the exceptional Sainsbury's group as we bring the Sainsbury's Travel Money business into the Fexco family."
'Strong fit'
Fexco says the deal, which includes Sainsbury's digital platforms as well as outlets, will place the company among the top five players in the sector.
It also opens up access to over 18m Nectar members, offering an opportunity to extend Fexco's travel money services.
Bláthnaid Bergin, Sainsbury's Chief Financial Officer, said customers in Britain will see no immediate changes, with the Sainsbury's Travel Money brand continuing as normal.
"Travel money is a service our customers value and we're pleased to be entering a new long-term partnership with Fexco Group that ensures they can continue to access foreign exchange both in-store and online with the same ease and confidence," she said.
"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.
"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."
Fexco say full integration is planned for early 2026.
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