Fexco, Ireland’s most successful independent multinational financial services provider, has today crowned a period of rapid expansion of its foreign exchange retailer No.1 Currency, by opening its 50th branch in the Westfield Shopping Centre in Stratford. Fexco also announced a further network expansion of No.1 Currency with plans to open 20 new branches across the UK and Ireland creating 50 new jobs.
When the No.1 Currency brand was purchased by Fexco in 2012, it operated a network of 15 branches. In just three years it has added a further 35 locations to its portfolio, now employing more than 200 people across the UK and Ireland.
The No.1 Currency brand now handles one in 50 of all travel money purchases in the UK and this year will see sales of foreign currency exceed £0.5billion encompassing over two million transactions since its acquisition by Fexco.
The company is due to add 20 more branches to the network by the end of 2016, as part of an ongoing strategy to double the size of the business within three years. The growth, which includes a new branch in The Pavilions Shopping Centre Swords later this month, will see the creation of 50 new jobs.
Currently, four-fifths (80%) of No.1 Currency’s physical branches are in prominent high street locations with the remainder located in shopping centres. In addition to expanding its high street presence, the brand is ramping up its online offering too operating both Click & Collect and Click & Sell services, which allow customers to pre-order or pre-sell their currency online and collect at their local branch.
Alongside its 50 dedicated retail branches, No.1 Currency also sells foreign currency through a network of over 200 affiliated agents and partners with the Irish League of Credit Unions.
Joe Redmond, Director of Foreign Exchange Services at Fexco, comments: “Today’s news marks a significant coup for Fexco. When we acquired the No.1 Currency brand in 2012, the network encompassed only 15 branches. In just three short years we have more than tripled that in growth and are set to sell over half a billion pounds in foreign currency by the end of 2015.
“The UK foreign exchange market, where the majority of the network is located, is estimated at approximately £9billion a year – making it the most attractive fx market in the world. Local factors, like Britain’s buoyant economy, coupled with the strong Pound have encouraged more people to travel more often.
“Cash is still king for many travelers, and while the foreign exchange market is competitive, No.1 Currency’s wide range of currencies, highly competitive rates and presence in high-footfall locations has been integral to its rapid growth.
“We have a committed and passionate team both here in Ireland and in the UK, and we aim to continue our expansion with an ambitious strategy to double the size of the business within three years.”