News

13 December 2013Erno Laszlo Grows Global Presence

Charles Denton becomes Executive Chairman and names Rochelle Weitzner Chief Executive Officer

Erno Laszlo New York, the luxury skincare brand founded in 1927 by legendary dermatologist, Dr. Erno Laszlo, announces that former CEO, Charles Denton will assume the role of Executive Chairman and has named Rochelle Weitzner Chief Executive Officer, effective January 1, 2014. These management shifts herald the company's continued expansion within the United States and Asia.

With a history of reinvigorating heritage brands, Denton acquired the cult brand Erno Laszlo with backing from RBS Equity Finance in 2011. Under his leadership, Erno Laszlo has re-curated its product assortment to meet the needs of modern consumers, while shifting focus to hero products and re-opening Dr. Laszlo's famed members-only skincare destination, THE INSTITUTE in SoHo, New York. Most notably, global retail sales have soared in 2013. Prior to Denton's appointment, revenues declined every year and are now growing for the first time in more than a decade.

"Our new leadership structure comes at an exciting time for the brand as we connect with the next generation of Erno Laszlo devotees and look to the rapidly growing Asian markets as a key trajectory," says Denton. "The Asian consumer has truly embraced our brand, proving our legitimacy as a skincare authority on the international stage."

Added Weitzner, "I am excited to be leading the Erno Laszlo business as we look to accelerate our footprint and deliver the visionary skincare rituals and philosophies of Dr. Laszlo worldwide. Our reinvention has caught the imagination of new consumers with a resurgence of interest in Dr. Laszlo's original muses - including Marilyn Monroe, Jacqueline Kennedy and Grace Kelly. While many people wrote off Dr. Laszlo's ritual as being outdated, our sales speak volumes and herald a consumer shift toward timeless, proven skincare routines that work."

Before joining Erno Laszlo, Denton was Chairman of Great Ormond Street Hospital Children's Charity in London. Prior to that, he worked at Molton Brown for fifteen years in various roles including Sales & Marketing Director, Chief Executive and Deputy Chairman. In 2005, the company was sold to Kao Corporation of Japan at which point he left the business. Denton began his career in financial services at London based Charles Sturge & Co.

Weitzner has served as Chief Operating Officer of Erno Laszlo for the past year. Previously, she was Chief Financial Officer of Gurwitch Products, the global skincare enterprise best known for its Laura Mercier and RéVive brands. Prior to joining Gurwitch, Rochelle spent 19 years with International Paper. During her tenure she held various senior VP of finance roles for $1 billion businesses within the group. In this capacity, Rochelle served on the Board of Directors of several companies, including one of the largest publicly traded corporations in Turkey. Rochelle graduated from the Tulane University Freeman School of Business with a BSM in business and a dual major in finance and accounting. She earned her MBA from the Vanderbilt University Owen School of Business.

About Erno LaszloErno Laszlo was founded in 1927 by the eponymous Hungarian born medical doctor who fell into dermatology after the notoriety he gained for transforming the complexion of Princess Stephanie of Belgium. His clientele was a 'Who's Who' of royalty, society and Hollywood. By the late 1940s, the 'Erno Laszlo Institute' in New York had a strictly limited membership of 3,000 clients. In 1957, Erno Laszlo's preparations were introduced to a wider audience at Saks Fifth Avenue. Dr. Laszlo's philosophy of creating tailor made products specifically formulated to confront the signs of premature aging, environmental hazards and the stress of a modern lifestyle has earned Erno Laszlo its reputation for 85 years of kept promises. Erno Laszlo continues to be the leader in skincare innovation with the reopening of THE INSTITUTE in SoHo, New York.

19 November 2013Moneycorp’s rapid growth continues with acquisition of Thomas Cook Corporate Foreign Exchange

International payments specialist and foreign exchange provider Moneycorp has today acquired Thomas Cook’s corporate foreign exchange business, the latest move in the company’s significant expansion programme.

Thomas Cook Corporate Foreign Exchange provides international payment services to UK customers through wires (bank-to-bank payments), offering a boost to Moneycorp’s already strong foothold in SME export and import transactions, which reached a five year high in early 2013.

Additionally Thomas Cook CFX – which will adopt the Moneycorp brand – offers drafts, wholesale bank notes and emergency remittance services [provided by Moneygram], giving Moneycorp a clear opportunity to increase its volume of travel insurance claims settlements and international patent payments. 

The acquisition will also help Moneycorp pursue growth across the legal and travel verticals, with existing Thomas Cook CFX customers to be transitioned to the new, broader service seamlessly from today.

Andrew Woolley, Executive Director CFX at Moneycorp said, “This is a tremendous acquisition for Moneycorp and excellent news for our customers who will now benefit from a broader product range. Our corporate payments business has already shown double digit growth organically this year, and strategic acquisitions like this will help accelerate our plans to gain further market share and offer customers the best possible services.”

 

Notes to editors

Moneycorp is the trading name of TTT Moneycorp Limited – the UK’s fastest growing large foreign exchange provider, which traded £8.5 billion in currencies on behalf of its clients last year, making it one of the one of the biggest providers outside of the banks.

Moneycorp provides a safe and secure service to help both individuals and a wide range of businesses save money on their international payments, combined with expert and convenient advice when customers want it.

Moneycorp offers an online travel money service, so customers can order currency for home delivery, or for branch collection – all at great rates. In addition, Moneycorp offers a pre-paid card – the Explorer card – that holds up to 14 currencies, offering customers a safe and secure method to carry their travel money.

Moneycorp began dealing in foreign exchange in 1979 from a branch on Oxford Street and has since grown its bureau de change network to 57 outlets. The company now serves foreign tourists across London, as well as passengers at Heathrow, Gatwick, Stansted, Bristol, Southend and Southampton airports.

08 November 2013Moneycorp takes travel money lead at Heathrow with 15 new bureaux

International payments specialist and foreign exchange provider Moneycorp has today opened the first of 15 new bureaux at Heathrow as part of a staggered handover from American Express.

The five units and four further ATMs (offering Euros and US dollars) started trading at 6am this morning at Terminal 3, with more units to follow at Terminal 4 on 13 November and Terminal 1 on 27 November.

The bureaux openings form part of Moneycorp’s ongoing expansion programme and follow the takeover from American Express of 10 landside and airside bureaux at T5 in mid-August. At the same T5 bureaux last month Moneycorp unveiled its new brand identity, designed to signal the company’s intent to make the consumer experience and purchase process easier.

The new openings will see Moneycorp serve an anticipated 2 million customers at Heathrow a year, and brings its total retail estate to 25 bureaux.

Matthew Leonard, Retail Director at Moneycorp said, “The opening of these new bureaux today marks the latest phase of the continuing expansion of our retail business. As we’ve already shown at T5 earlier this year, we are committed to growing our retail offering, and at the same time modernising the look and feel of foreign exchange to create a more open experience for customers. We’re excited to be able to bring our vision to life across so many units at Heathrow.” 

Moneycorp began dealing in foreign exchange nearly 35 years ago from a branch on Oxford Street, and now offers a range of travel money options to customers. As well as purchasing currency from its high street and airport bureaux, Moneycorp customers can buy travel money online or use a pre-paid Explorer Card which can be loaded with up to 14 different currencies.

The bureaux at Heathrow will also allow customers to pick up money which they have ordered online. The Reserve & Collect service also offers all customers free exchange rate protection meaning they receive the most favourable rate on the day they collect, whether that’s the rate on the day you reserved or on the day you collect.

-Ends-


Notes to editors

Moneycorp is the trading name of TTT Moneycorp Limited – the UK’s fastest growing large foreign exchange provider, which traded £8.5 billion in currencies on behalf of its clients last year, making it one of the one of the biggest providers outside of the banks. 

Moneycorp provides a safe and secure service to help both individuals and a wide range of businesses save money on their international payments, combined with expert and convenient advice when customers want it. 

Moneycorp offers an online travel money service, so customers can order currency for home delivery, or for branch collection – all at great rates. In addition, Moneycorp offers a pre-paid card – the Explorer card – that holds up to 14 currencies, offering customers a safe and secure method to carry their travel money. 

Moneycorp began dealing in foreign exchange in 1979 from a branch on Oxford Street and has since grown its bureau de change network to 53 outlets. The company now serves foreign tourists across London, as well as passengers at Heathrow, Gatwick, Stansted, Bristol, Southend and Southampton airports.

08 October 2013Arrow Global Group PLC Initial Public Offering – Announcement of Offer Price

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. 

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus in its final form (the “Prospectus”) to be published by Arrow Global Group PLC (the “Company” or “Arrow Global”) in due course in connection with the admission of the Company’s ordinary shares (the “Ordinary Shares”) to the premium listing segment of the Official List of the UK Listing Authority (the “UKLA”) and to trading on the London Stock Exchange plc’s main market for listed securities (the “London Stock Exchange”). Following its publication the Prospectus will (subject to certain access restrictions) be available from www.arrowglobal.net.This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction.

Arrow Global Group PLC

Initial Public Offering – Announcement of Offer Price 

Arrow Global, one of the UK’s largest and fastest growing consumer debt purchasers and providers of receivables management solutions today announces the successful pricing of its initial public offering (the “Offer”).

  • The offer price has been set at 205 pence per Ordinary Share (the “Offer Price”)
  • Based on the Offer Price, the market capitalisation of the Company will be approximately
  • £357.6 million on Admission (as defined below)
  • The Offer comprises 92,139,603 Ordinary Shares (the “Offer Shares”) (prior to any exercise of the Over-allotment Option), representing 52.8 per cent. of the Company’s Ordinary Shares that will be in issue at Admission. 
  • The Offer is  expected to raise gross proceeds of approximately £50.0 million for the Company.
  • Conditional dealings will commence on the London Stock Exchange at 8.00 a.m. today under the ticker ARW.
  • Admission to the premium listing segment of the Official List, admission of the Shares to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings in the Ordinary Shares (together “Admission”) is expected to take place at 8.00 a.m. on 11 October 2013.
  • Immediately following Admission, RBS SOF will continue to hold 29.2 per cent. of the Company’s Ordinary Shares (prior to any exercise of the Over-allotment Option (as defined below)), which are subject to a 180 day lock-up. 
  • As stabilising manager on behalf of the syndicate, Goldman Sachs International (“Goldman Sachs”) has been granted an over-allotment option, exercisable no later than 30 calendar days from today, by RBS SOF of up to 9,213,960 Ordinary Shares (the “Over-allotment Option”), representing up to 10 per cent. of the Offer Shares.
  • Goldman Sachs is acting as Global Co-ordinator, Sponsor and Joint Bookrunner in the Offer and Jefferies International Limited (“Jefferies”) is acting as Joint Bookrunner. Canaccord Genuity Limited (“Canaccord”) and Numis Securities Limited (“Numis”) are acting as Co- Lead Managers. Lazard & Co., Limited is acting as financial adviser to the Company in connection with the Offer.

Commenting on today’s announcement, Tom Drury, Chief Executive Officer of Arrow Global, said:
“We are delighted that our initial public offering has been successfully received by investors, and we welcome them to the business. Our focus now is on continuing to drive growth, leveraging our sophisticated data and analytics capabilities, in order to offer investors a highly cash generative business with significant earnings visibility. We also look forward to continuing our commitment to providing our customers with an excellent service based on a fair and collaborative approach.”

Enquiries

ArrowGlobal:

+44 (0)800 130 0169

Tom Drury (Chief Executive Officer)

Rob Memmott (Chief Financial Officer)

College Hill (PR Advisors to Arrow Global):

+44 (0)20 7457 2020

Mike Davies

Helen Tarbet

Goldman Sachs International (Sponsor, Global Co-ordinator and Joint Bookrunner)

+44 (0)20 7774 1000

Peter Kimpel

Alasdair Warren

Julien Petit

Alex Watkins

Julien Dyon

Jefferies International (Joint Bookrunner)

+44 (0)207 029 8000

Lee Morton

Neil Collingridge

 

NOTES 

The size and rate of Arrow Global’s growth in the UK is measured by debt purchasers’ last reported estimated remaining collections on their loan portfolios for a future 120-month period.

 

Forward looking statements 

This announcement contains statements that constitute forward-looking statements, beliefs or opinions, including statements relating to the business, financial condition and results of operations of Arrow Global and the industry in which Arrow Global operates. These statements may be identified by words such as “expectation”, “belief”, “estimate”, “plan”, “target”, or “forecast” and similar expressions or the negative thereof; or by the forward-looking nature of discussions of strategy, plans or intentions; or by their context. All statements regarding the future involve known and unknown risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding Arrow Global’s present and future business strategies and the environment in which Arrow Global expects to operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and neither Arrow Global nor any other person accepts any responsibility for the accuracy of the opinions expressed in this announcement or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past performance will continue in the future. The forward-looking statements in this announcement speak only as at the date of this announcement and Arrow Global, the Banks (as defined below) and their respective affiliates and Arrow Global’s other respective advisers expressly disclaim any obligation or undertaking to review or release any updates or revisions to these forward-looking statements to reflect any change in Arrow Global’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement or to update or to keep current any other information contained in this announcement or to provide any additional information in relation to such forward-looking statements, unless required to do so by applicable law, the Prospectus Rules, the Listing Rules or the Disclosure and Transparency Rules of the UK Financial Conduct Authority (“FCA”).

Important notice

Neither this announcement nor any copy of it may be taken or transmitted, directly or indirectly, into the United States, Australia, Canada or Japan or to any persons in any of those jurisdictions or any other jurisdictions where to do so would constitute a violation of the relevant securities laws of such jurisdiction.

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Offer Shares or other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The Offer and the distribution of this announcement and other information in connection with the listing and Offer in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may  constitute a violation of the securities laws of any such jurisdiction. 

This announcement does not constitute an offer to sell or a solicitation of an offer to purchase any securities in any jurisdiction in which such offer or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. In particular, these materials are not an offer of securities for sale in the United States. The Offer Shares proposed to be offered by the Group have not been and will not be registered under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") or under any securities laws of any state of the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of securities in the United States.

Any purchase or subscription of Ordinary Shares in the proposed Offer or other securities should be made solely on the basis of the information contained in the Prospectus. No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change. However, the Company does not undertake to provide the recipient of this announcement with any additional information, or to update this announcement or to correct any inaccuracies, and the distribution of this announcement shall not be deemed to be any form of commitment on the part of the Company to proceed with the Offer or any transaction or arrangement referred to herein. This announcement has not been approved by any competent regulatory authority.

This announcement does not constitute a recommendation concerning the Offer. The price and value of securities can go down as well as up. Past performance is not a guide to future.

performance. Information in this announcement or any of the documents relating to the Offer cannot be relied upon as a guide to future performance. Potential investors should consult a professional advisor as to the suitability of the Offer for the person concerned.

Goldman Sachs, which is authorised in the UK by the Prudential Regulatory Authority (“PRA”) and regulated by the PRA and FCA and Jefferies, Canaccord and Numis, which are authorised and regulated in the UK by the FCA (together the "Banks"), are acting exclusively for the Group and no one else in connection with the Offer and will not regard any other person as its client in relation to the Offer and will not be responsible to anyone other than the Group for providing the protections afforded to their respective clients or for giving advice in relation to the Offer or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Offer, the Banks or any of their respective affiliates, acting as investors for their own accounts may subscribe for or purchase Offer Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Offer Shares and other securities of the Company or related investments in connection with the Offer or otherwise. Accordingly, references in the Prospectus, once published, to the Offer Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by the Banks or any of their respective affiliates acting as investors for their own accounts. The Banks or any of their respective affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

None of the Banks, nor any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

In connection with the Offer, Goldman Sachs, or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Ordinary Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Goldman Sachs may, for stabilisation purposes, over-allot Ordinary Shares up to a maximum of 10 per cent. of the total number of Ordinary Shares comprised in the Offer. Goldman Sachs will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of the commencement of conditional dealings of the Ordinary Shares on the London Stock Exchange and ending no later than 30 calendar days thereafter. However, there will be no obligation on Goldman Sachs or any of its agents to effect stabilising transactions and there is no assurance that stabilising transactions will be undertaken. Such stabilising measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilise the market price of the Ordinary Shares above the Offer Price. Save as required by law or regulation, neither Goldman Sachs nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilisation transactions conducted in relation to the Offer.

29 September 2013Moneycorp has a record H1 performance, as UK small business trading reaches a 5 year high

International payments specialist and foreign exchange provider Moneycorp announces a first half revenue growth of 31% producing a 70% year on year increase in Ebitda. The London based firm has added over 250 new staff to its workforce in H1, representing a 40% increase in headcount.

The firm with operations in the UK, Spain, France and the USA, has embarked on an aggressive expansion programme in the face of a recovering economic position. It has seen export and import SME trading strengthen since early 2013, with numbers of small businesses making foreign transactions reach a five year high.

In January it opened a new office in Dublin. It has also cemented a deal in Brazil to capitalise on the growing Brazil-USA home ownership trend, with up to 41% of Florida properties now purchased by Brazilians. 

In the UK, the Retail business has experienced growth through branch roll-out in the buoyant South East with expansion in Central London, Gatwick and most recently Heathrow. Successful openings included two new House of Fraser bureaux in London and Shaftesbury Avenue and Portobello Road branches.

The business has a proprietary on-line platform, which has grown more than twice the company average. Moneycorp has further innovations planned to continue to serve this growing market. 

 

Mark Horgan, CEO, said:
“Our growth has been considerable in 2013, our read of the market has proven accurate and our colleagues have surpassed themselves in producing these great results. We are fortunate to be positioned in the buoyant South East of England, where the early signs of an economic recovery are stronger.”

 

Moneycorp’s record H1 2013 figures include:

  • An increasing in gross revenue to £41.0m, up 31% year on year
  • A 70% EBITDA increase– Moneycorp’s best ever half year performance
  • Retail business revenues up 42% and EBITDA up 31% year on year
  • Take-over of FX bureaux at Bristol airport
  • ATM estate revenue growth of 225%
  • International offices in Costa del Sol and Costa Blanca both delivered record revenue results
  • Florida office delivered 6% growth in revenues year on year
  • Online revenue up by 60% in the overseas payments division

Notes to editors

About Moneycorp

Moneycorp is the trading name of TTT Moneycorp Limited – the UK’s leading foreign exchange provider, which traded £8.5 billion in currencies on behalf of its clients last year.

Moneycorp began dealing in foreign exchange in 1979 from a branch on Oxford Street and has since grown its bureau de change network to 44 outlets. The company now serves foreign tourists across London, as well as passengers at Heathrow, Gatwick, Stansted, Bristol, Southend and Southampton airports. 

Moneycorp also offers an online travel money service, so customers can order currency for home delivery, or for branch collection – all at great rates. In addition Moneycorp has launched the world’s first pre-paid card – the Explorer card – that holds up to 14 currencies, offering customers a safe and secure method to carry their travel money.

The company’s commercial foreign exchange division provides tailored services to help businesses and individuals move funds cross-border. The business delivers cost savings and convenience versus the high street bank providers for overseas currency transfers.