The fast-growing foreign exchange specialist No1 Currency has acquired London firm CAC and six of its branches to become the largest dedicated foreign exchange provider on the UK high street.
The latest transaction crowns a year of rapid expansion and strong turnover growth for No1 Currency. The high street brand, which is owned by the Irish multinational financial services company FEXCO, has grown its UK network by over 40 branches in 2016 alone.
Since acquiring No1 Currency in 2012, FEXCO has continued to expand in the UK through a combination of organic growth and acquisition. Under its No 1 Currency and Currency Exchange Corporation (CEC) brands FEXCO now operates from 104 prime retail and high street locations across the UK – more than any other specialist provider.
The latest acquisition of CAC will further increase the size of FEXCO’s network in the UK and will see the number of customers served rise above 2.5million and annual Retail FX turnover grow to £1billion.
Following completion of the acquisition of CAC, FEXCO’s branch network in the UK will grow to 104 with staff numbers set to increase to more than 400 by the end of the year.