Irwin Mitchell’s Corporate Team Advises On Financial Services Deal
London based retail foreign exchange (FX) company Thomas Exchange Global (TEG) has been acquired by financial services group, Fexco.
The deal strengthens Kerry-based Fexco’s position as the largest independent FX operator in the UK where it holds 12% of the growing £9bn market.
The acquisition of TEG, which serves more than one million customers in London across 15 branches, also now positions Fexco as the largest independent FX operator in the city.
Founded in 1981, Fexco employs over 2,300 people across the group. It has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.
Commenting on the sale, TEG chief executive Sakthi Ariaratnam said: “We, at Thomas Exchange Global, are delighted to become part of the Fexco Group. Fexco’s interest in the company is testament to the quality of the business and the strong growth we have achieved over the years.
"This deal presents a fantastic opportunity for Fexco and Thomas Exchange Global to further capitalise on the significant opportunities present in the national and international FX marketplace. We look forward to working closely with Fexco in facilitating the next stage of growth for the company.”
Corporate partner, James Paton-Philip, was assisted by Ben Gale (Associate, Corporate), Robin Cumming (Trainee, Corporate), Sarah Cardew (Partner, Tax), James Letchford (Partner, Real Estate) and Melanie Stancliffe (Partner, Employment) from the London and Gatwick offices of national law firm, Irwin Mitchell, who advised the sellers of Thomas Exchange Global on the deal.
Sandy and Sam Perera from Thomas Exchange Global said: “The Irwin Mitchell team, led by James Paton-Philip, was excellent throughout the transaction. The team members worked tirelessly and around the clock to support and guide us successfully through the deal. They have an impressive work ethic and manner, meaning that it was an absolute pleasure and delight to have worked with each and every person at the firm who contributed to getting the transaction over the line. We couldn’t be happier and wouldn’t hesitate in recommending their services to any future potential client.”