A major Irish financial services provider, Fexco, has finalized a deal to take over Sainsbury’s travel money operations, though the financial terms remain undisclosed.
Sainsbury’s currently runs 220 currency exchange counters across its UK stores, holding roughly 10% of the market. Following the acquisition, these outlets will continue operating under the Sainsbury’s name, with the supermarket chain receiving rental payments and a portion of the revenue.
Headquartered in County Kerry, Fexco specializes in foreign exchange and payment solutions, employing nearly 3,000 staff. The acquisition will significantly expand the company’s UK presence, nearly doubling its operational footprint.
Fexco Group’s CEO, Neil Hosty, described the purchase as an ideal strategic match. The move aligns with Sainsbury’s broader strategy of divesting its financial services divisions. In recent years, the retailer has offloaded its personal loans, credit cards, and deposit accounts to NatWest, while its ATM network was acquired by NoteMachine.
This trend isn’t unique to Sainsbury’s—competitor Tesco also sold its banking operations to Barclays last year.
The deal underscores a continuing shift among major retailers away from financial services, focusing instead on core retail operations.
