When Italian Massimo Gini set up his high-street Eurochange currency counters in Britain in 1975, banks often took days to process tourist cash and travellers cheques. Gini set about providing a quicker, cheaper service for UK holidaymakers and acquired exchange licences for popular destinations in Greece and Italy. But London-based FX Corp’s dramatic growth in profits began in 1991 when it expanded from the traditional work of the bureau de change into corporate foreign exchange. FX now acts as a wholesale supplier of foreign exchange to international hotel groups and tour operators who need to provide a currency facility for their customers, or receive overseas payments by wire or bankers draft. By consolidating transactions, FX is able to pass on substantial discounts. Profits have risen by 50% pa, from £987,000 in 1995 to £3.3m in 1998. Turnover in the same period rose by 32% pa to reach £14.5m.
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