(Alliance News) - Finablr PLC's foreign currency unit Travelex issued an impromptu statement on Friday, addressing the "ongoing difficulties" faced by its parent.
The unit also added that it has temporarily closed its foreign exchange bureaux due to Covid-19.
Last week, Finablr's representatives on Travelex's board resigned, including Finablr's Chair Bavaguthu Raghuram Shetty.
Travelex said: "The continuing Travelex board directors are Tony D'Souza, Travelex chief executive officer, and James Birch, Travelex general counsel.
"These changes mean that there is no longer any overlap between the boards of Travelex and Finablr. The Travelex Group has a legal and financing structure capable of operating separately, on a stand-alone basis, and recent board changes reflect this independence from Finablr and its shareholders."
Travelex said it considering candidates to appoint as non-executive directors.
The company added: "Over the last few days, the UK government has introduced strict new measures to reduce the spread of Covid-19, including a requirement for most retail businesses to close. Therefore, we have taken the decision to close temporarily all our UK foreign exchange bureaux, effective from March 24.
"The time scale for bureaux closure is currently anticipated to be eight weeks; however, with the uncertainty around Covid-19, there is a possibility that this could continue over a longer time period. A similar approach is being considered and adopted elsewhere in the world where Travelex operates."
Finablr shares closed untraded at 10.51 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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