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MoneyCorp up for sale

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TTT Moneycorp who are one of the UK's fastest growing foreign exchange providers and have the better part of 80 retail outlets throughout airports and high streets and are reportedly up for sale. The news comes just as Travelex are preparing for a stock market flotation and it looks as though Canaccord Genuity (an investment bank which is understood to be handling the sale) will auction off MoneyCorp at the same time.

MoneyCorp started off with a single shop on oxford street in London's west end in 1999, and is now responsible for annual transactions over £8bn, and employs over 500 staff.

Until recently the money transfer provider was managed by The Royal Bank of Scotland (RBS) as a vehicle under the name RBS special opportunities fund (SOF). RBS held a 13.5% direct stake in the SOF, which proclaimed to be "a discreet £1.1bn third-party fund" but has stirred controversy since the bank was bailed out in 2008 by continuing to make investments.

The fund had been part of RBS's non-core division since 2008, and under the management of Lindsey McMurray, SOF has been shrinking its portfolio of investments through a series of asset sales and flotations.

MoneyCorp have declined to comment.

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