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.
