Travelex, the world's largest foreign currency exchange, is expecting to have new owners within the next two years, its chief executive has revealed.

Richard Wazacz said the Peterboroughheadquartered company will change ownership having been taken over by its debt holders in 2020 when the business collapsed into administration.

Travelex, which has operations across the world and also runs currency exchange services for Asda and Tesco in the UK, was first hit by an accountancy scandal and a cyber attack in the leadup to the Covid19 pandemic.

It then was forced to make a wave of redundancies in May 2020 as it failed to sell itself before appointing PwC to oversee its period in administration.

The business emerged with new owners when it decided to pull out of the US and France. Wazacz was then hired as its new chief executive in April 2022 to continue Travelex's turnaround.

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