Banking services firm acquires City Forex in £6m swoop

Multicurrency payments and banking services company FairFX has acquired City Forex Limited in a multi-million pound deal.

FairFX paid £6m for the London-based business and expects the transaction to be immediately earnings enhancing.

City Forex’s services are based primarily on two key products; international payments and travel currency. It has three branches in the capital.

In its financial results for the 12 months to October 31 2017, the company reported a pre-tax profit of £300k against revenues of £4.4m.

Currently, City Forex’s international payments division services around 2,000 businesses and 8,000 private clients. Its travel currency arm, meanwhile, fulfils nearly 200k currency orders per annum.

The company has been a partner of FairFX since 2007.

Ian Strafford-Taylor, chief exec officer at FairFX, said: “The acquisition of City Forex is a key milestone in the evolution of FairFX and will immediately enhance the group’s earnings.

“City Forex is a long-standing partner of FairFX, we know the Company and its people well and we are delighted to welcome them into the FairFX Group.”

He added: “This transaction fits perfectly with our stated strategy as it increases our scale, rationalises our supply chain and brings their innovative system within the group.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.