No1 Currency for Fastest Growing Company

It was announced last month that Edinburgh-based No1 Currency is ranked as the 4th fastest growing company in Scotland. The news was revealed in the Sunday Times Virgin Fast Track 100 annual league tables, which ranks the top 100 fasting growing companies in the UK.

The Fast Track 100, now in its twelfth year, is a prestigious national league table which ranks 100 private companies with the fastest growing sales over a three year period to the latest available accounts.

No1 Currency has risen by a staggering 42 places from its UK position of 96 last year, to its new UK ranking of 54. As such No1 Currency retains its title as the UK’s fastest growing independent Foreign Currency Specialist.

It’s been a record year for No1 Currency, who has continued to rapidly expand its sales growth, staff and retail outlets. This time last year No1 Currency boasted a Bureau de Change network of 221 outlets. By the end of this year they will have increased this by 25% taking the figure to 272. That’s 1 new outlet opening every week.

As well as phenomenal growth in all areas of its business, No1 Currency successfully re-branded itself at the beginning of this year. The re-brand saw the unification of the world wide transfer currency service brand, Xchange Business, and the No1 Currency Bureau de Change brand under the one identity of No1 Currency.

Reacting to the news on Sunday, Managing Director of No1 Currency, Mark McElney, who earlier this year made the final for the Ernst and Young Entrepreneur of the Year Award said:

“We are absolutely delighted to be recognised by Fast Track 100 for our 2008 achievements. Being named as the 4th fastest growing company in Scotland and the 54th in the UK is such as honour.” Mark commented, “We have continued to grow year on year expanding our UK-wide Bureau de Change network from a single branch to 272 outlets in just over a decade.”

So what’s the secret of success for No1 Currency? Mark McElney explains, “We are the only UK-based foreign currency specialist to use a unique business model to grow our Bureau de Change network. By working with our partners we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers by offering considerably better currency rates than our high street competitors.”

“Whether our customers are looking to emigrate, make business transfers, buy property abroad or simply use our Bureau de Change services, we offer fast and secure transactions, professional guidance, and the most competitive exchange rates in the marketplace with 0% commission and no transaction charges”

“The downturn in the economy has not stopped international business trade or people from booking weekend breaks and short getaways however, value for money has never been so imperative,” said Mark McElney, “Our expanding Bureau de Change network is testament to the market demand for our cost effective currency exchange services.”

Founded by Mark McElney and David Hale in 1996, Edinburgh was chosen as the ideal headquarters for No1 Currency. “Initially we considered locations worldwide; finally we narrowed it down to Scotland’s capital city.” Mark explained, “Edinburgh provides a high quality of life, more so than London. It’s a beautiful city offering not only an outdoors lifestyle, but incorporating a large corporate and financial district. It’s perfect.”

With plans for further expansion of its Bureau de Change network over the next year and building a greater market presence south of the border, this Edinburgh-based currency specialist is paving the way to become a global leader.

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The Italian Job

Edinburgh’s leading independent food specialist Valvona and Crolla is managing its margins with comparative currencies to ensure the continued supply of its world famous continental foods and specialist Italian wines in light of the current economic slowdown.

It’s times like these that companies trading across borders really notice the adverse effects of fluctuations and movements in the currency market. For those firms who rely on importing goods, ensuring the best and most competitive rate of exchange can often make the difference between a profit and loss.

“In the last few months the pound has seen its most rapid fall in value against the euro,” said Mark McElney, Managing Director of No1 Currency, “coupled with the slowdown in consumer spending, ensuring the best exchange rates available has never been so imperative.”

Mr McElney continued, “My advice to international traders is to examine and compare exchange rates offered by their banks to those offered by other international transfer services and currency specialists,” He added, “More often than not banks are charging way over the odds for international payments,”

As a worldwide specialist food trader, Scotland oldest and best loved Delicatessen and Italian wine merchant, Valvona and Crolla is no stranger to the impacts that can occur as a result of turbulence in the currency market. The company relies on the continued import of fresh Continental-European products and the cost of these imports will ultimately impact on the company’s bottom line.

So how is Edinburgh’s undisputed food heaven faring up in light of the current economic climate and the state of the foreign currency market?

Despite the turmoil in the currency markets and the current economic slowdown, Valvona and Crolla has gone from strength to strength expanding its outlets into Jenners Food Hall on Princes Street and Loch Lomond Shores as well as opening its second café in House of Fraser at London’s Westfield shopping centre.

When importing fresh produce from abroad, Valvona and Crolla initially made international payments through its bank. However with the poor exchange rates and transaction fees being imposed by banks, Valvona and Crolla turned to their neighbour and local foreign currency specialist, No1 Currency, for more competitive exchange rates.

Managing Director of Valvona and Crolla, Philip Contini said, “We started using No1 Currency’s worldwide transfer services about 4 years ago for the purchase of our artisan food produce and specialist wines.”

“We discovered that using a foreign currency specialist such as No1 Currency was far cheaper than using the banks.” Mr Contini continued, “in fact by switching from our Bank to No1 Currency to make our transfers we saved around 20% which has certainly helped our margins.”

“Our trading needs change from month to month and many of our products are perishable, therefore it is vital for us that we are able to use a flexible transfer service that is fast and efficient.” Mr Contini explained, “No1 Currency tailored their service to fit our needs and provided unbeatable exchange rates which has really made a difference to our trading.”

“In today’s economic climate it is vital for all companies that rely on international export and import or deal in foreign currencies compare rates in the marketplace, making sure they are getting the best deal available.”

Last this year a €56,000 transaction through a high street bank would have cost £46,311. The same transaction made through No1 Currency would have cost £45,271*. That amounts to a £1,041 saving by simply using No1 Currency over a high street bank.

For SMEs (small and medium-sized enterprises) with typically low profit margins, the overall savings made on each transaction could seriously improve the business’ bottom line.

For forward thinking companies like Valvona and Crolla, No1 Currency has been providing Scottish businesses of all sizes with the best value and most competitive exchange rates available.