Fexco Holdings’s purchase earlier this year of UK supermarket chain Sainsbury’s in-store foreign exchange bureaus amounted to a deal worth as much as €19.3 million, according to the Irish financial group’s latest annual report.
The Killorglin, Co Kerry-based group said set-up costs in anticipation of the closing of the deal in February and other development investments contributed to its pretax profit declining 42 per cent in 2025 to €13.2 million.
However, much of the decline was down to a more than €5 million increase in staff costs, to €108.1 million, as average employee numbers rose by 119 to 2,261 and salaries increased. Fexco also had more than 760 of staff in joint ventures last year.
The former Sainsbury’s travel money unit has over 220 bureaus and almost 10 per cent of the UK market. It is continuing to trade under the Sainsbury’s brand. The deal increased Fexco’s UK retail footprint to 460 locations, leaving it among the top five players in the sector.
The initial consideration for the business was €15.8m with further consideration of up to €3.5m being payable in 2031.
Foreign exchange and payments make up most of Fexco’s financial service division, which posted €82.6 million of revenues.
It’s business services unit, spanning property management to the provision of services to the aircraft leasing sector, reported €70.4 million of revenues.
Fexco expanded its property services business last year through the acquisitions of Esskay and JCF, increasing its UK footprint and bringing the number of properties serviced to more than 100,000 units. The business also developed two new property management offerings, Burren and Renata, focused on the luxury segment of the market.
Total revenues, including so-called other income, rose to €194.8 million from €192.9 million in 2024, according to the financial statement. Fexco was set up in 1981 by business Brian McCarthy.
Chief executive Neil Hosty described 2025 as a “significant year of investment” for the group.
“Strong growth across our Business Services activities has further broadened the group’s earnings profile. We are already seeing the benefits in our 2026 financial performance,” he said.
“Recent acquisitions are integrating well, new technologies are scaling across the business, and customer demand remains strong.”
“While remaining alert to volatility in international travel and payment patterns, including geopolitical conflicts, particularly in the Middle East, Fexco will continue to evolve its core businesses, proprietary technology, AI-enabled solutions and talent, supporting sustainable long-term growth,” the group said.
