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| Travelex enters administration with 1,300 UK jobs cut | Travelex enters administration with 1,300 UK jobs cut |
| (32 minutes later) | |
| Foreign exchange firm Travelex has gone into administration with the loss of more than 1,300 UK jobs. | Foreign exchange firm Travelex has gone into administration with the loss of more than 1,300 UK jobs. |
| Administrators PwC said a cyber-attack earlier this year followed by the coronavirus crisis had "acutely" hit the firm. | Administrators PwC said a cyber-attack earlier this year followed by the coronavirus crisis had "acutely" hit the firm. |
| Travelex was held to ransom by hackers in January after the cyber-attack forced it to turn off its systems. | Travelex was held to ransom by hackers in January after the cyber-attack forced it to turn off its systems. |
| PwC said that a so-called "pre-pack" administration deal had been reached which had saved 1,800 UK Travelex jobs. | |
| This is where a firm sells all or some of its assets to a pre-determined buyer and appoints administrators to do so. | |
| PwC said parts of the firm had been bought by a newly created company controlled by its lenders, in what was described as "a complex restructuring deal". | |
| It said the deal had delivered £84m of new money and substantially reduced the business's debts. | |
| Toby Banfield, joint administrator at PwC, said it had enabled a core part of the business to continue operating under new ownership. | |
| He added: "The completion of this transaction has safeguarded 1,802 jobs in the UK and a further 3,635 globally, and ensured the continuation of a globally recognised brand. | |
| "Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant today. | |
| "Our dedicated employee team will be providing support to all of the people impacted." |