ORGANISATIONAL BEHAVIOUR

organisational behaviour

organisational behaviour

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Travelex

1.Introduction

Travelex Group is a company which is founded by Lloyd Dorfman. It's headquarter is at London. Travelex Group's main business includes international payments. It issues credit cards to the travelers. It has been considered one of the world's largest foreign exchange bureau. It is the main donor and supporter of the Royal National Theatre. In 2007, they have planned a space currency which is known as Quasi Universal Intergalactic Denomination as part of a viral marketing campaign (Gerald, 2010,, 1).

2.History

Lloyd Dorfman has founded it in Central London in 1976. They bought Thomas Cook's worldwide foreign exchange business on November 8, 2000 for pound 444m that considerably extended its international operations. There was a buy-out firm called Apax Partners that has bought a majority stake in the organization in Feb 2005 (Gerald, 2010,, 1).

Travelex disclosed in early 2010, significant loss of interest payments due to its huge debt. It back the year before the stock market flotation, and said it was considering the potential scope of the financing structure. Later this year the sale of its card program management for two hundred ninety million pounds MasterCard to help reduce its debt. Travelex in April 2011 was appointed the edge of the bank to manage the sale of its global business division of income and expenditure (Brown, 2010,, 1).

3.Disscussion

Travelex in race to sort out huge debt

Travelex, the world's main overseas exchange bureau is in a race alongside time to refinance its £1.5bn money owing as attention expenditure once more plunged the firm into the red last year. The Corporation owned by private equity group Apax Partners Corporation, pulled back earlier this year the stock market flotation. Now, it must find other ways to refinance the huge debts, including the controversial 'payment in kind' (Bi) that is well known to carry a high rate of interest. Travelex will pay between 9.25 and 10%, helping to promote the interests of the bill of £ 162 meters last year. This led to a loss of £ doubled eighty-one m, turnover 600 million pounds. Pitt notes, a fashionable private equity backed pre-acquisition credit crunch, and some investors will be responsible for Apax's attempt to close the flotation earlier this year, the new face of fashion retailer, which also has Bi notes. According to its latest accounts, Travelex is the company's directors 'consideration of the potential financing structure' - taking on more debt, private equity investors in another or try to float the business. However, fund managers said they do not want to come back debt-ridden company. Travelex said it successfully promote sales by opening up three busy locations, such as Charles de Gaulle Airport in Paris. Apax raised talking about a time d 1 billion pounds flotation, chief executive of banking group Lloyds TSB to hire Peter Jackson (Brown, 2010,, 1).

With a wealth of expertise in foreign exchange business, professional ability and management of information technology and strong financial strength, Travelex thriving in the global foreign exchange ...