Foreign exchange operator collapses
More than 13,000 holidaymakers have been left out of pocket following the collapse of currency exchange business Crown Currency Exchange.
Joint administrators Paul Clark and Matt Bond, partners at MCR, and Harold Sorsky and Stella Davis of SPW blamed the Cornish firm’s collapse on a difficult trading environment during the past 12 months.
It confirmed that customers who had ordered currency from Crown would not be receiving their deliveries. The company’s bank accounts have been frozen by Barclays.
“We believe that over 13,000 consumers have been directly affected and we will be in contact with them shortly to advise them on their individual status," said the administrators in a statement.
"I have no doubt that they will be understandably concerned about their own position and we recommend that they contact the company directly." Crown publishes an 0800 number on its website, but this was not working today.
Crown Currency Exchange was an independent foreign exchange operator specialising in providing foreign currency to individuals and businesses travelling overseas.
It was established five years ago and had processed hundreds of millions of pounds worth of foreign currency transactions over that period. Its services included cash, travellers cheques and money transfer facilities.
Operating from its base in Hayle, Cornwall, the company was established by husband and wife team Peter and Susan Benstead.
“We fully appreciate the difficult position in which many will now find themselves in – many in the build-up to holidays or business trips, as well as money transfers associated with second home purchases," added the administrators.
"However the administration process is in its early days and we cannot guarantee an early resolution for those looking for a quick return of their money.”
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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