Pandemic sparks collapse of currency exchange provider ICE
The pandemic’s devastating impact on international travel has sparked the collapse of International Currency Exchange (ICE), one of Britain’s best-known bureau de change chains.
Sky News has learnt that ICE’s UK arm filed for administration on Tuesday, prompting the immediate closure of its 26 outlets at airports and rail stations in Britain.
More than 100 people are understood to be losing their jobs as a result.
The pandemic has had a devastating impact on international travel
ICE was founded at a single site in London’s Victoria station nearly 50 years ago, and has since grown into an international group spanning 180 locations in ten countries.
In the UK, its outlets include sites at St Pancras and London City Airport.
The company’s operations outside the UK are not affected by the insolvency process, according to a person close to the process.
ICE is part of Lenlyn Holdings, a family-controlled business.
In 2016, it announced that it would be sold to HNA, the Chinese conglomerate which has subsequently been forced into a string of asset sales.
However, the deal failed to complete after it did not receive regulatory approval.
Teneo Restructuring, which is handling ICE’s UK administration, declined to comment.