Employees

Employee Update - 22 October 2020

The administrators are reviewing and responding to employee queries via our helpline and mailbox. In respect of wages, salaries and holiday pay information provided to the Redundancy Payments Service ("RPS"), we are continuing to work with the Travelex HR and Payroll team to perform additional reconciliations and checks as to the accuracy and completeness of the company data. Once these checks are completed, we will advise the RPS of any amendments to the information previously provided to it such that the RPS will then be able to process any additional payments that may be due.

In the meantime, if you consider any of the information currently held by the RPS to be incorrect, please provide this documentary evidence directly to us at uk_travelex_employees@pwc.com and we will update the RPS as appropriate. 

Employee Update - 14 September 2020

The joint administrators have been working with organisations across England, Wales, Northern Ireland and Scotland to establish support for former employees of Travelex UK Limited impacted by redundancies. Virtual redundancy support sessions in the following regions are available by clicking the links below:

• England - https://youtu.be/sQP645AtJQQ 
• Wales -  https://youtu.be/kph_mgsPeXI 
• Scotland -  https://youtu.be/tQcDSrPEu5Y

In North Wales, those impacted by redundancy can also go to the Department for Work and Pensions Redundancy Support Eventbrite Page here, where they can sign up to a weekly Rapid Response Service session.

In Northern Ireland, the Department for Communities' Redundancy Service webpage here contains helpful information and a link to a redundancy support webcast.

Employee Update - 10 August 2020

Please note that, on 7 August 2020, letters were sent out to all employees impacted by the redundancies announced on 6 August 2020. If you are expecting to receive a letter but have not received one to your home address by 14 August 2020, please contact the email address for employee queries (uk_travelex_employees@pwc.com)

To all non-retained employees of Travelex UK Limited (in administration)

This FAQ is for those employees affected by the administration of Travelex UK Limited (the “Company”) and who have subsequently been made redundant by the Joint Administrators.

Following the recent announcements, this FAQ document has been produced in an attempt to provide you with as much information in the time period available.

What has happened to the Company?

As you may be aware, Travelex was involved in a cyber security breach in late December 2019. Furthered by the recent impact of Covid-19, this has created unprecedented financial challenges. At the same time, Finablr Plc the ultimate parent company of Travelex Holdings Limited suspended its shares from trading on the London Stock Exchange as a consequence of financial and other issues including undisclosed debts.  In light of these challenges the business has been exploring both options of a sale of the group and a financial restructuring to enable trading to continue. Trading has remained challenging, with the impact of Covid-19 placing further stress on businesses within the travel sector in particular. 

You may have seen the announcements on 7 July that Travelex had reached agreement with at least 66.7% of its Senior Secured Noteholders and all of its Revolving Credit Facility lenders on the terms of a comprehensive debt restructuring. The transaction will result in the New Travelex Group being under new ownership and provides £84m of new liquidity and an 84% reduction of its existing financial debt, providing a stable platform from which to emerge successfully from the challenges posed by the Covid-19 pandemic. However, as part of this transaction, it has been necessary for the business to restructure the way it operates. Unfortunately, this means that it is not commercially viable for the UK business to continue trading in its current form, particularly given the recent impact of Covid-19. 

As a result, the directors have taken the very difficult decision to appoint David Kelly, Toby Banfield and Edward Macnamara of PwC as Joint Administrators of Travelex UK Limited.

What does ‘going into administration’ mean?

Administration is one of the processes set out in the Insolvency Act when a company can not pay its debts. Going into administration means the Company is being taken under the management of an administrator (a licensed insolvency practitioner). The administrator assumes control of the Company from the current Directors and will manage the business from this point onwards.

What is an administrator?

An administrator is an officer of the Court and is qualified to manage the affairs of a business when it is insolvent. It is their role to take control of a company’s affairs when it is in financial difficulty and try to find a longer term solution for it.  Where this is not possible, their role is to achieve a better outcome for creditors than in liquidation. In essence this means looking to realise value for the assets and the business.. The administrators act as agents of the Company and without personal liability. 

What effect does administration have on my employment?

The part of the Group that you work in has ceased trading. In light of the Company’s financial circumstances,  including store closures across the UK retail business, it has been identified that there is no longer a requirement for your role.

If you are currently on furlough, this means that you are unable to remain on furlough and unfortunately will be made redundant with immediate effect.

Why does my role not TUPE across to one of the entities which are continuing to trade?

Whether or not your employment has transferred depends on the application of TUPE. TUPE stands for the Transfer of Undertakings (Protection of Employment) Regulations and it is designed to protect employees if the business in which they are employed changes ownership. Employees assigned to the transferred business therefore have the legal right to transfer to the new employer on their existing terms and conditions of employment.

Whether an employee in question is "assigned" to the organised grouping is a factual and legal question. In determining which employees have transferred, a number of factors have been considered. A full review of all roles across the group has been undertaken to ensure TUPE has been correctly applied.

As administrators have been appointed, can I remain on furlough?

Because your employer has become insolvent, to comply with Government guidance, you can only continue to be furloughed if the administrators believe there is a reasonable prospect that there will be a role for you to return to.  Unfortunately, as it has been identified that there’s no longer a requirement for your role, you are unable to remain on furlough. In light of the Company’s financial circumstances, including store closures across the UK retail business, you have therefore been made redundant. 

You will continue to be eligible to apply for payments from the Redundancy Payments Service (“RPS”) if you were furloughed and then made redundant because your employer is now insolvent.  You cannot apply to the RPS if you had been dismissed then re-employed under the furlough scheme. The RPS can only make payments to employees who have been dismissed by their employers without being re-employed.

What are my rights when I am made redundant?

You have certain rights when you’re made redundant. These include getting statutory redundancy pay, a paid notice period and any money your employer owes you (for example, unpaid wages). You still have these rights even though you were furloughed when you were made redundant.  

As the Company is unable to pay these statutory amounts to you, the RPS will consider claims for amounts that the law says you’re entitled to receive.  You can apply online to the RPS  for redundancy pay and other money you are owed. You will need a case reference number (starting CN) to begin your claim which will be provided with this information in your redundancy confirmation letter.  If you have not received your letter within 7 days, please contact uk_travelex_employees@pwc.com  with your up to date home address.

Can I appeal my redundancy?

In these circumstances and the administration, unfortunately the Company’s usual procedures in relation to a right of appeal against the redundancy do not apply and no right of appeal is being offered.

What amounts can I claim from the RPS as a result of my redundancy?

You can apply for statutory redundancy pay if you have worked for your employer for 2 years or more. The two year qualification period includes time you were furloughed.

For example, if you worked for your employer for one year and 11 months and then were furloughed for one month, you will have been employed for two years and are eligible for redundancy pay.

You can apply for:

Holiday days you have accrued but not used so far during your current annual leave year. If you’re only part way through your annual leave year we cannot pay you your full yearly holiday entitlement. You can also apply for holiday you have already taken but not been paid for

You may be eligible for other payments such as unpaid wages, overtime and commission that you have not been paid.

If you were not given notice before being made redundant you can apply for statutory notice pay as long as you have worked for your employer for at least one month.

I am based in Northern Ireland. What amounts can I claim from the RPS as a result of my redundancy?  

If you are based in Northern Ireland, you will be able to make a claim for outstanding monies due to you (if applicable) including: statutory redundancy pay; holiday pay; and notice pay. All claims paid by the RPS in Northern Ireland are paid at the current statutory maximum weekly rate of pay, which is currently £560.

When we write to you, we will provide you with further instructions on how to make your claim. Additional guidance can also be found from the following website www.nidirect.gov.uk .

What will my rate of pay be?

When you apply for redundancy pay you will be asked about your rate of pay. Rate of pay is based on your weekly pay and is what the RPS uses to calculate your payments.

Please provide your pre-furlough salary, rather than the reduced salary you may have earned while you were furloughed.  The RPS will calculate most of your payments based on your full salary rather than your earnings during furlough. We will work with your payroll and HR to support the RPS with the weekly amount to be used.

What are the RPS pay limits?

There are limits to how much the RPS can pay for each type of payment. These caps are different to the caps within the Coronavirus Job Retention Scheme.

If you are owed more than the maximum the RPS can pay, you can register as a creditor in the insolvency for any outstanding money you’re owed. However, due to insolvency rules relating to the priority of debts, we are unable at this stage to provide a realistic estimate of dividends that may be payable as we are uncertain of the final level of claims from creditors.

What about my pension payments?

A specialist pension team is reviewing the Company policies.  If you have any questions around your pension(s) please contact the provider(s).

If there are deductions that have been taken from your pay prior to the furlough and have not yet been paid to the scheme provider, these may be claimable from the RPS. The specialist pension team are reviewing the position. There is nothing for employees to do at this time.

When will I receive my P45?

The Company’s payroll team will issue a P45 to you through its existing procedures. You do not need a P45 to start a claim for benefits or to start a new job.

You should ensure that you have provided the company with up-to-date contact details so that they can provide this information.

What happens to any benefits I receive?

If you’re a member of a benefit scheme which the Company operates, you should contact the benefit provider for further details of your benefits and options from the scheme

I’ve got an unpaid expense claim. What should I do?

If you are owed monies in relation to expenses which have been incurred but not paid, you’ll be an unsecured creditor for amounts owed.

How can I find out more about how and what I can claim as a result of my redundancy?

You may also find useful information about the RPS claims process in the fact sheet published by the RPS. The fact sheet published by Job Centre Plus will also provide further information about the support they can provide with job searching and claiming benefits.

What other help is available?

PwC will be providing a dedicated employee helpline and email address to support you. The details are:

Helpline: 0207 8044765

Mailbox: uk_travelex_employees@pwc.com

Website: www.pwc.co.uk/travelex

Other useful contacts:

General queries, employment rights - www.gov.uk

Statutory Maternity Pay or Sick Pay – Statutory Payments Disputes 03000 560 630

Claiming benefits, support or job search – Job Centre Plus 0800 055 6688

PAYE queries – HMRC 0300 200 3200

Tax Credit Helpline – HMRC 0345 300 3900 / 0300 200 3200

Money Advice Service – 0300 500 500 www.moneyadvice.org.uk              

What do I do if I receive enquiries from the media?

Should anyone from the media contact you please do not answer any questions yourself.  Please refer any press interest to the PwC press office by contacting uk_travelex_employees@pwc.com.

Please be mindful when making comments over social media as these can often be misconstrued.

What mental wellbeing support is available to me?

You will still have access to the Employee Assistance Programme. The Employee Assistance Programme provides professional wellbeing support and there is no charge to use this service.You can either speak to someone directly, or browse the website which has articles about home, work, physical health, mental health and more. Whether you are experiencing your own mental health challenges or wanting to support a friend, family member or colleague, the Care First website is a helpful place to start.

The details for this professional support service are:

T: 0800 0155 630 (for colleagues outside of the UK, please request a call back to avoid charges)

W: www.eap-carefirst.com

Username: lifestyle1234

Password: carefirst

I am currently working my notice or I am currently on garden leave. How does the administration impact me?

Due to the Company’s financial circumstances, including store closures across the UK retail business, your termination date has been brought forward and your employment with the Company has been terminated, effective as of 5 August 2020. You will not be required to work the remainder of your notice period or remain on garden leave.

Unfortunately, due to the financial circumstances of the Company, it is not able to pay you your remaining notice pay. You can apply to the RPS for any remaining statutory notice pay that you may be  entitled to.

I work in a Travelex concession in a Tesco or Asda store. How does the administration impact me?

You are an employee of the Company (Travelex UK Limited) and not the store in which you were based. Due to the financial circumstances of the Company, including store closures across the UK retail business,  your role has regrettably been identified as no longer being required and will be made redundant with immediate effect.

How should I return Company equipment or collect personal items from Travelex offices or stores?

If you are in possession of any Company assets, please contact the individuals listed in the table below, depending on your location, to arrange a courier or to arrange a time to go into an office or store to return them.

If you would like to arrange a time to go into an office or store to pick up your personal belongings, please also contact the individuals listed in the table below, depending on your location.