Since private-equity investor Apax bought a 57% stake in 2005, Travelex has refocused on its three core divisions – retail foreign exchange, global business payments and outsourced foreign exchange – and sold its cash-machine portfolio to Cardpoint. Ian Meakins joined as chief executive in 2007 and made his mark by buying the $440m American business-to-business payments company Reusch International. Founder and chairman Lloyd Dorfman retains a 28% stake. Sales were £519m in 2007.
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