Travelex

THM advises Travelex on its financial and operational restructuring

August 2020

James Westcott was appointed Chief Financial Restructuring Officer (‘CFRO’) of the Group, supported by Phil Goldstein, Hugh Delmonte and Seppi Grant, to provide hands on assistance to the Group from early June through to the completion of the restructuring transaction.  Our role included the review and development of the restructured Group’s business plan; short term cash flow forecasting and liquidity management; together with hands on support to restructuring and operational implementation workstreams.

Prior to the restructuring, the Group’s financial indebtedness was in excess of £385m.  The transaction closed on 6 August 2020, reducing the Group’s existing indebtedness by c£310m and providing £84m of new money to fund the Group through the remaining challenges posed by Covid-19 and to capitalise on Travelex’s strong market position and brand when market conditions recover.

You can read our full client announcement by downloading the PDF below.

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Travelex