PricewaterhouseCoopers (PwC) has been appointed administrator and through what it described as a “complex restructuring deal”, which has seen some of its assets sold, has raised £84m and saved 1,800 UK jobs.
Travelex was held to ransom by hackers in January after a cyber attack forced it to turn off its systems. It took a £25m hit after its systems were encrypted by Sodinokibi ransomware on 31 December 2019.
It was then put up for sale after the international travel industry shut down as a result of the Covid-19 coronavirus pandemic.
PwC said: “The impact of a cyber attack in December 2019 and the ongoing Covid-19 pandemic this year has acutely affected the business.”
There is also increasing competition