Travelex wins Large Company Turnaround of the Year at IFT Annual Awards

23 Oct 2023

Award win in collaboration with PwC celebrates Travelex’s revival following restructuring and Covid-19 pandemic


Travelex, the market leading foreign exchange brand, is delighted to have won the Large Company Turnaround of the Year award at the Institute for Turnaround’s annual awards, in recognition of the company’s exceptional revival following the Covid-19 pandemic.

Working with PwC, the company undertook a comprehensive restructuring resulting in over 1,800 jobs in the UK and a further 3,635 globally being saved.

Under new ownership, the company has gone from strength to strength. In the last two years, Travelex has opened hundreds of new bureaux and ATMs around the world and has grown its wholesale banknotes and corporate business. Travelex has also invested in an ambitious digital transformation and product innovation programme, which has driven significant adoption of the Mastercard powered Travelex Money Card by customers and the launch of several industry first retail FX products, such as ATM click-and-collect and an automated Kiosk at Heathrow. As the only travel provider offering cash and card, Travelex is the one stop shop for customers’ travel money needs.

Travelex released its Q3 2023 results recently reporting year to date revenues of £398.5m which were £93.4m (31%) above the comparable period in 2022, while year to date underlying EBITDA more than doubled to £42.4m since 2022.

The company has also successfully completed a £90m refinancing deal that will underpin the next stage of its growth journey.

Travelex won the award in collaboration with PwC, who acted as lead advisor to the group. In addition to the Large Company Turnaround of the Year win, former CEO Donald Muir also won independent advisor of the year, having successfully navigated the company’s recovery alongside PwC between 2020 and 2022.


Richard Wazacz, Travelex CEO, said:

“This IFT award is testament to both our colleagues present and past and partners at PwC who helped navigate Travelex through a uniquely difficult period. Our people demonstrated real resilience throughout, and I’m delighted that through everyone’s hard work Travelex has returned to strong and consistent growth. It is a real testament to all involved that Travelex is now a better business than before the pandemic.

“We are well positioned to take advantage of the rapid recovery in global travel and growing demand for travel money which is expected to grow by 14% per year over the next five years. These market dynamics, alongside our unique global distribution network, cash and card proposition and opportunities to expand into adjacent markets, means we can look to the future with confidence.”


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