Sale of First Remit

15 Aug 2005 10:09

Universe Group PLC15 August 2005 UNIVERSE GROUP PLC 15 August 2005 Universe Group PLC Sale of First Remit to Travelex Universe Group PLC ("Universe"), the retail and information systems company,announces that it has sold its international money transfer business, FirstRemit, to Travelex Money Transfer Limited ("TMT"), a subsidiary of Travelex, theworld's largest foreign exchange specialist, for an undisclosed price. Since 2002 First Remit has established a network of more than 3,500 locations in46 money transfer countries including UK, India, Jamaica, Eastern Europe andparts of Africa. Universe Chairman, Ray Mackie, commented "We are very pleased with this outcome. First Remit is a small operator in a huge market. We believe that Travelexhas the resources to make best use of the First Remit Network." TMT's CEO, Mohit Davar said "The acquisition of First Remit is a significantstep towards helping TMT enhance its global presence. It will add a further 16markets to the current 109 countries in which TMT already operates. It willalso help us gain additional market share in over 30 countries." Enquiries: Ray Mackie, ChairmanUniverse Group PLC 02380 689510 Russell CookCharles Stanley Co. Limited 020 7739 8200 Maxine BarnesBishopsgate Communications Ltd 020 7430 1600 This information is provided by RNS The company news service from the London Stock Exchange