Kerry-based fintech business Fexco has acquired Thomas Exchange Global, a retail foreign exchange company in London. The acquisition means that Fexco consolidates its position as the largest independent FX operator in the UK, with a 12% market share.

Thomas Exchange Global serves more than one million customers in London across 15 branches. The firm recorded turnover of £9.5m in the year to March 2017 and booked a net profit of £2m. It closed out the year with net assets of £7.5m.

Fexco’s acquisition of Thomas Exchange Global is the eighth takeover deal it has completed in the UK since 2012. The company’s retail FX division employs 500 people across 125 branches – in all, Fexco employs 2,300 staff in 29 countries.

Earlier this year Fexco announced plans to create 175 new jobs, most of which will be based in its Kerry headquarters. The firm is a favourite of state agency Enterprise Ireland, which provided funding of more than €930,000 to Fexco since 2009.

Joe Redmond (pictured), MD of Fexco’s retail FX division, said that acquiring a business with the reach and reputation of Thomas Exchange Global was pleasing.

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“The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio,” he added.

Sakthi Ariaratnam, CEO of Thomas Exchange Global, will remain in the company to advise on the transition to Fexco.

The shareholders of Thomas Exchange Global were advised by Simon Blake, partner at Price Bailey Strategic Corporate Finance. Legal advice to the sellers was provided by James Paton-Philips from Irwin Mitchell. Fexco was advised by PwC and Pinsent Masons.