Travel money firm Travelex has been saved from collapse, but 1,300 jobs will be lost in the UK, administrators have announced.
In a statement on Friday, PriceWaterHouseCoopers said the company has secured an £84million rescue package that will keep it afloat.
A pre-pack administration sale is when a company arranges a deal to sell its assets to a buyer before appointing administrators to facilitate the sale.
Toby Banfield, joint administrator at PwC, said the sale had saved 1,802 jobs in the UK, but 1,309 employees will be made redundant.
He added: “We would like to thank the employees, management team and all stakeholders who have been an integral part of the Travelex business for their tireless efforts.
“Against the challenging backdrop of the pandemic and current economic climate, they have helped to deliver a highly complex restructuring, enabling a core part of the business to continue operating under new ownership.
“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.”
