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04 April 2016

Charles Russell Speechlys advise Founder and Chairman of Currency Exchange Corporation on sale to FEXCO

Charles Russell Speechlys has advised Mike Cooke, founder and Chairman of Currency Exchange Corporation Limited (“CEC”), on the sale of the company to FEXCO, Ireland’s most successful independent multinational financial services provider.

CEC was established in 1999 by Mr Cooke, who has more than 25 years of experience in the Foreign Banknote trading business in the City of London. Mr Cooke is widely credited with introducing Commission Free Foreign Money Exchange in the early 1990s to the Exchange Markets in London to give customers optimum value for money without the necessity of costly handling charges.

The acquisition of CEC is FEXCO’s fifth and largest ever corporate transaction in the UK. The acquisition will see CEC’s 36 London branches become part of FEXCO’s Retail Foreign Exchange operation that trades as No.1 Currency in the UK and Ireland.

Speaking of the deal, Mr Cooke, said: “The Charles Russell Speechlys team, led by Mark Howard, provided invaluable support to me. I was very impressed with their assured and diligent handling of the process and the negotiations, and their ability to spot the key issues and guide me accordingly. They have the perfect mix of skills and experience to support entrepreneurs and growth companies on both their personal and commercial affairs”.

The team was led by Corporate partner, Mark Howard, co-head of Charles Russell Speechlys’ TMT sector, aided by Tom Smitham (Senior Associate, Corporate), Helen Coward (Associate, Tax), Rachel Walsh (Associate, Employment) and Archie Sherbrooke and Rob Roskin from the Real Estate group.

Mark Howard commented:

“Mike has successfully grown CEC from a single location in 1999 to a 36-branch network today, which is testament to his vision and the commitment of his team. We are delighted to have advised him on the deal and wish him well in the next exciting stage of the company’s development“.

Pinsent Masons and Bevan Brittan advised FEXCO.