International Currency Exchange Limited (02080759): administration
- Status
- Administration ended
- Administration began
- 2021-10-05
- Administrators' firm
- Teneo
- Formerly
- International Currency Exchange Public Limited Company
- Incorporated
- 1986-12-04
- Location
- Birmingham
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
- Weak consumer demand
- Property / lease costs
- Sustained trading losses
- Regulatory change or action
From the administrators' statement
The Group began experiencing a decline in trading performance in FY20 caused by the Pandemic and restrictions to travel. As a result, airport passenger numbers and travel hub footfall were significantly below 2019 levels and the recovery for international travel was expected to be gradual.
Steps taken to remedy/turnaround
When travel activity was at its lowest, the majority of the Group's non airport sites were closed and staff furloughed (or the local equivalent) where possible. Some gradual reopening had started in some locations over the last six months, albeit many sites remained closed.
Administrators' statement of proposals (2021-11-11) · Companies House register