Skip to content
Search

Latest Stories

Rescue deal to inject £84mn into Travelex; cuts over 1,300 jobs

A new deal has rescued foreign exchange firm Travelex as it pumped £84 million cash and reduced the company's debts substantially. However, the company will slash over 1,300 jobs in the UK, reported BBC.

Administrators of Travelex, which was hit by cyber-attack in January this year, PwC said that an administration deal had saved 1,800 UK jobs.


As part of the new deal, parts of the firm had been bought by a newly created company controlled by its lenders. But, the High Street shops and airport branches that were closed during lockdown will not reopen.

"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," said Toby Banfield, joint administrator at PwC.

"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. Our dedicated employee team will be providing support to all of the people impacted."

The forex firm suffered more than a month of disruption early this year, after it discovered on New Year's Eve that it had been hacked.

A gang called Sodinokibi claimed to have accessed reams of sensitive customer data and demanded a ransom of $6 million (£4.6m), reports said.

According to reports, more firms are cutting jobs across UK including Dixons Carphone (800 jobs), Hays Travel (878 jobs), DW Sports (1,700 jobs), hotel giant LGH (1,500 jobs) and Pizza Express (1,100 jobs).

More For You

UK Introduces Digital Entry Permit for European Visitors

The ETA can be purchased online for £10 (12 euros), but the cost will rise to £16 from 9 April. (Representational image: Reuters)

Reuters

European visitors to UK will now need digital entry permit

FROM WEDNESDAY, European visitors to the UK will need an online entry permit as part of new travel requirements introduced by the British government.

The Electronic Travel Authorisation (ETA), a digital permit, will be required for travellers from Europe. UK officials say the move aims to enhance border security and simplify entry procedures.

Keep ReadingShow less
China pledges to be a good friend and partner to Bangladesh

Xi Jinping

China pledges to be a good friend and partner to Bangladesh

THE Chinese president, Xi Jinping, last Friday (28) pledged deeper cooperation with his Bangladeshi counterpart Muhammad Yunus in a meeting that came as Dhaka seeks new friends to offset frosty ties with India.

Yunus took charge of Bangladesh last August after the toppling of former prime minister Sheikh Hasina, who fled to New Delhi after a student-led uprising.

Keep ReadingShow less
Milton-Keynes

Eyewitnesses described hearing shouting before the shooting

iStock

Man shot dead by police outside Milton Keynes railway station

A MAN was shot dead by police outside Milton Keynes Central station after reports that he was carrying a firearm.

Thames Valley Police (TVP) said officers were called to the station at 12:55, where they challenged a suspect carrying a knife. The man moved towards officers before police fired at him.

Keep ReadingShow less
EXCLUSIVE: Eastern Eye wins press freedoms to help judges

SCRUTINY: The tribunal’s favourable verdict is an important win for accountability, say current and retired Asian judges (Pic credit: Getty Images/Leon Neal)

EXCLUSIVE: Eastern Eye wins press freedoms to help judges

A tribunal has ordered the body which appoints judges in England and Wales to disclose records it refused to give to Eastern Eye.

The decision is a major victory for press freedoms because it forces the Judicial Appointments Commission (JAC) to become more open and transparent.

Keep ReadingShow less
Sunita-Williams-Reuters

Sunita Williams was part of the SpaceX Crew-9 mission and had been stranded in space for over nine months. (Photo: Reuters)

Reuters)

India looks amazing from space, says Sunita Williams

NASA astronaut Sunita Williams described India as "amazing" from space and expressed her intention to visit her "father's home country" to share her experiences on space exploration.

Speaking at a press conference on Monday, she responded to a question about how India appeared from space and the possibility of collaboration with the Indian Space Research Organisation (ISRO).

Keep ReadingShow less