TL Realisations Limited (04001915): administration
- Status
- Administration ended
- Administration began
- 2020-08-06
- Administrators' firm
- PwC
- Formerly
- Travelex Limited; Travelex PLC; Ibis (576) Limited
- Incorporated
- 2000-05-25
- Location
- Leeds
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
- Cash flow / liquidity pressure
- Sustained trading losses
- Cyber attack / IT failure
- Property / lease costs
From the administrators' statement
We've enclosed at Appendix C the information required to be provided to you by SIP 16. Some of that information is repeated below where beneficial or necessary to do so for the purposes of these proposals. Please note that the Group and its restructuring transaction are large and complex and therefore we have-focussed our report on the ‘matters likely to be of most significance, relevance and interest for creditors. |
Background to the Travelex Group
Founded in 1976, the, Travelex Group was the global market leader in cash foreign exchange services. It traded in over 80 currencies and operated in over 60 countries, and in the year ended 31 December 2019 (FY 19), it generated revenues of £805m. Travelex had three main businesses as described below.
Administrators' statement of proposals (2020-09-11) · Companies House register