# Travelex Holdings Limited (05356574)

> Why UK company 05356574 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/05356574

- **Status:** Administration ended
- **Administration began:** 2020-08-06
- **Administrators:** David James Kelly, Mark James Tobias Banfield, Edward John Macnamara
- **Administrators' firm:** PwC
- **Formerly:** Trapax Payments Limited; The Owls Limited
- **Incorporated:** 2005-02-08
- **Location:** Leeds
- **Industry:** 82990 Other business support service activities n.e.c.

## Why it went into administration

- Funding withdrawn / unable to refinance
- COVID-19

## From the administrators' statement

Despite several initiatives to alleviate the cash difficulties, the Group forecasted that the reduction in reveriues would significantly outweigh any ability to cut costs further. The Group assessed its strategic options and considered that the two options below represented the most appropriate and deliverable in the time available. ;

Attempted sale of the Group

On 22 April 2020, Travelex Holdings Limited announced that it was seeking offers for the Group. The Group invited 98 strategic and financial bidders to participate in the process, and provided high quality marketing materials allowing parties to'assess offers for both the Group and its parts.. On 15 June 2020, the Group reported that it had received a number of non-binding offers for the Group in a first round of the sale process and that a short list of parties were invited to participate in a second round of detailed diligence. However, the Group received non-binding offers at the end of the second round which were unacceptable to the RCF Lenders and Noteholders as they would have required both a ‘significant write-off of their debt and a requirement to roll certain facilities into a new structure. Consequently, the sale process was terminated.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/05356574/filing-history/MzI3NzMyNDE0NmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/05356574

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.