Travelex owners weigh up plans for market float

Michael Bow
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TRAVEL money shop Travelex is considering plans to float on the stock market after a string of favourable floats in London laid the ground for a lucrative sell-off of the business.

The shop’s co-owner Apax, which also owns fashion chain New Look, is looking to exit its 50 per cent stake either through a sale or initial public offering (IPO), having co-owned the company for the past eight years.

Apax has already reduced its official presence on the Travelex board from two seats to one following the departure of Apax man James Ruane from the board in June, sharpening the prospects of an Apax sale.

Although plans are still in their early stages, Travelex chief executive Peter Jackson acknowledged the lure of an IPO last month, saying floated companies were doing “very well” on the stock market. Apax and Travelex both declined to comment.

Travelex, founded by its chairman Lloyd Dorfman in 1976, last month posted a 20 per cent increase in adjusted earnings before interest, taxes, depreciation and amortisation for the first half of the year.

If floated, Travelex would join a growing band of private equity backed companies being lined up for public ownership, including CVC Capital-owned Merlin Entertainments.

Everyman Cinemas, which is also part-owned by Dorfman, was the latest company to be linked to a potential float yesterday, after being tipped to raise £10m.