• Saturday, October 16, 2021
India Corona Update 
Total Fatalities 451,814
Total Cases 34,037,592
Today's Fatalities 379
Today's Cases 16,862
Pakistan Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
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Sri Lanka Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Bangladesh Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
UK Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
India corona update 
Total Fatalities 451,814
Total Cases 34,037,592
Today's Fatalities 379
Today's Cases 16,862

Business

International Currency Exchange’s UK operations shut

Representational image (iStock)

By: Chandrashekar Bhat

BRITAIN’S arm of the bureaux de change chain International Currency Exchange (ICE) has been shut as the pandemic lockdown hit travel businesses worldwide.

Teneo Restructuring Ltd has taken over as the administrator of ICE and its group company Lenlyn UK.

All 26 bureaus of the companies in the UK, including their outlets at airports and rail stations and online currency platforms, have ceased to operate with immediate effect.

Teneo said the closures have resulted in a loss of 119 jobs.

While their operations outside the UK are not affected by the insolvency process, other companies in the wider ICE group operating within the country also continue to function.

The travel industry has been adversely affected by the Covid-19 pandemic and that led to a dip in demand for physical currency in the past 18 months, Teno’s managing director Richard Hawes said.

“Directors (of the companies) have worked to try and deliver an alternative outcome for the group, its shareholders and its creditors, and the focus now is on supporting staff at this difficult time”, Hawes, who has been appointed a joint administrator, said.

Eastern Eye

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