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.

http://www.no1currency.com/

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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.

Compare Your Currency with No1

The Pound tumbled to a new low against the Euro last week; it is now at it’s lowest since the Euro was introduced in 1999. Concerns over the British economy will continue to grow as additional interest rate cuts are likely to weaken the pound further.

Managing Director of No1 Currency, Mark McElney said “We live in a Global Village and few companies these days are truly isolated from the volatilities of the foreign exchange market. Tough times lie ahead for Scottish businesses involved in international trade, as the pound falls to its lowest ever value against the euro.”

“The weak value of the pound will make a significant impact on business profits, especially for those small and medium-sized enterprises (SMEs) with typically low profit margins.”

“In times like this it has never been so imperative to find the best rate of currency exchange,” warned Mark McElney, “it could mean the difference between profit and loss.”

“I would seriously urge anyone who is looking to make a currency transfer at the moment, to take fifteen minutes to compare the market place.” Mark McElney continued, “Banks are notorious for providing poor exchange rates and high transaction fees, the best rate are often to be found with specialist currency traders, such as No1 Currency.”

“Whether our clients are looking to make business transfers, purchase a forward contract or simply use our No1 Currency Bureau de Change services,” Mark McElney explains, “we offer fast and secure transactions, professional guidance, and the most competitive exchange rates in the marketplace with 0% commission and no transaction charges”

http://www.no1currency.com/

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No1 Currency fill the Service Gap

It’s been four months since the Royal Mail announced the closure of 44 of its Post Offices and Bureau de Change outlets across Scotland, as it continues to downsize its retail network.

The closure of Post Offices throughout Scotland and the UK has left many small towns and rural communities feeling cut off and isolated from local shops and services which often nurture and maintain a sense of community spirit as well as providing valuable amenities to local residents.

The loss of these community services has left a huge gap for those who relied on the Post Office for their pensions, banking, cheque cashing and foreign currency exchanges and transfers. As a result alternative financial services such as Cash Generator and No1 Currency have seen an increase in demand for their services.

Realising the vial part that these community services play for rural and small town residents, Cash Generator and No1 Currency have been working together to ensure that their services are readily available to all.

This Friday saw the Greenock branch of Cash Generator located on West Blackhall Street opening a new No1 Currency Bureau de Change service. Greenock Cash Generator Manager, Alan Murdoch said, “Since the closure of some Post Offices we have seen an increase in the number of people using our Financial Services. Along with No1 Currency we are able to provide our customers with the full financial solution as well as offering the best currency exchange rates on the high street.”

Managing Director of No1 Currency, Mark McElney, said, “We are the only foreign exchange service to use a unique Bureau de Change model. By working with Cash Generator branches we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers.”

Established in 1996 with just 2 currency exchange outlets, Edinburgh-based No1 Currency has seen rapid and continued growth in Scotland and the North of England, with further expansions intended to continue into 2009.

The launch of the new Greenock outlet comes at a time when there is much uncertainty in the Scottish holiday market, yet despite the current economic climate, Cash Generator and No1 Currency have gone from strength to strength.

“The downturn in the economy has not stopped holiday makers from booking weekend breaks and short getaways, however value for money has never been so imperative,” said Mark McElney, “This new Bureau de Change outlet is testament to the continuing expansion and market demand for our cost effective currency exchange services.”

“With our unique business model, 0% commission and the most competitive exchange rates in the marketplace, we continue to offer better rates than our competitors. By using this new currency exchange service at Cash Generator our customers are able to make their holiday money and currency transfers stretch that little bit further.”

It seems that with the use of travellers’ cheques diminishing, and banks continuing to offer poor exchange rates alongside high commission fees as well as the soaring charges to make withdrawals from overseas ATMs, getting cash before you go is an essential item on the holiday check list.

No1 Currency operates 300 Bureau de Change outlets in through the UK, from Inverness to the Brighton. These outlets can be found in all major cities and towns, to find your nearest branch please visit http://www.no1currency.com/bureau-de-change/store-loc.asp

http://www.no1currency.com/

http://no1currencypresscentre.blogspot.com/

Scotland-Based No1 Currency Specialist Defies the Crunch

Edinburgh-based Foreign Currency Specialist, No1 Currency, is defying the credit crunch as it continues to grow it Bureau de Change network UK wide.

Last weekend No1 Currency, the UK’s fastest growing Foreign Currency Specialist, celebrated the opening of its 250th Bureau de Change outlet in partnership with Cheque Centre in Wakefield, Yorkshire.

Established in 1996 with just 2 currency exchange outlets, No1 Currency has seen rapid and continued growth in Scotland and the North of England, with further expansions intended to continue into 2009.

No1 Currency is the only UK-based foreign currency specialist to use a unique partnership business model to grow its Bureau de Change network; as such it is able to offer high quality service and considerably better currency rates than its high street competitors.

Managing Director of No1 Currency, Mark McElney, said, “We are the only foreign exchange service to use a unique Bureau de Change model. By working with Cheque Centre branches we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers.”

The Wakefield Cheque Centre manager said, “Along with No1 Currency we are able to provide customers with the full financial solution while offering the best currency exchange rates on the high street.”

The launch of No1 Currency’s 250th outlet comes at a time when there is much uncertainty in the holiday market in the UK and Scotland, yet despite the current economic climate, No1 Currency has gone from strength to strength.

“The downturn in the economy has not stopped holiday makers from booking weekend breaks and short getaways, however value for money has never been so imperative,” said Mark McElney, “Our 250th Bureau de Change outlet is testament to the continuing expansion and market demand for our cost effective currency exchange services.”

“With our unique business model, 0% commission and the most competitive exchange rates in the marketplace, we continue to offer better rates than our competitors. By using this new currency exchange service at Cheque Centre our customers are able to make their holiday money and currency transfers stretch that little bit further.”

It seems that with the use of travellers’ cheques diminishing, and banks continuing to offer poor exchange rates alongside high commission fees as well as the soaring charges to make withdrawals from overseas ATMs, getting cash before you go is an essential item on the holiday check list.

Shopping around on your local high street and comparing currency rates could save up to €25 on a £450 exchange. The average holiday maker takes around £450 in cash for a week’s holiday to the continent. With an exchange rate* of €1.245 to the Pound, No1 Currency customers get €560.25 for their holiday money. This beats the likes of the Post Office (€535.50) and M&S Money (€555.75)*.

No.1 Currency operates 250 Bureau de Change outlets in through the UK, from Inverness to the Brighton. These outlets can be found in all major cities and towns, to find your nearest branch please visit http://www.no1currency.com/bureau-de-change/store-loc.asp

Protect your Savings with Predetermined Exchange Rates

Emigrating from the UK to destinations such as Australia and New Zealand requires a large amount of time for careful research and preparation. Planning can typically take a year or more during which time currency fluctuations can often be between 25-30%. These indeterminate moves could result in huge losses against original budgeting when transferring savings abroad.

Recent market tensions have seen favourable moves in sterling against both the Australian and New Zealand dollar. However, we only need to look back to last summer when a peak in sterling resulted in a fall in value against both the Australian and NZ$ in the region of 20% over a five to six month period. This type of adverse currency movement would clearly have a huge negative effect on the value of your savings.

Putting this example into hard cash figures, a couple planning emigration to Australia last year needed to exchange £150,000 to Australian dollars. At the beginning of the process in August, their savings would have secured around A$382,500. By the time they were ready to make the move in May of this year, the fall in the value of the pound had seen the equivalent value fall to A$307,500. This equated to a loss of A$75,000 or, in sterling terms, £36,585.

By speaking with their Foreign Currency Specialist, this type of exchange loss could have been avoided. From the moment you are aware of the approximate value and timescale of your transaction, you have an exposure to exchange rate fluctuations and the obvious knock on impact on your budgeting. This can be avoided by booking what is known as a forward contract. When entering into this contract, you are agreeing a predetermined exchange rate for a date in the future. This then allows you to concentrate on the other important aspects of your move without the worry of potentially damaging moves in the foreign exchange market.

In general terms, exchange rate fluctuations tend to be far greater in £-aud and £-nzd than many other currencies. This renders currency predications less reliable for those looking to transfer large sums of money to these countries. This again highlights the benefits of a forward contract.

David Lamb of No1 Currency explains ‘A forward contract is an agreement that enables you to lock into a favourable exchange rate for up to two years before you need to transfer your savings. Essentially, this means you are able to buy your currency now and pay for it up to 24 months later, thereby protecting your savings from any negative currency movements’

Forward contracts provide an ideal solution for anyone who is planning on moving abroad. Often, transfers of savings and assets are left until the last minute, the consequences of which have been highlighted. In some cases, transferring of funds can take far longer than anticipated, especially if money is tied up in a UK property which is proving difficult to sell.

By contacting your Foreign Currency Specialist straight away these exchange rates can be fixed at a predetermined rate. Thereby, not only allowing you to lock into favorable rates but giving you the added security of knowing exactly how much you will have when you start your new life abroad.

With your savings protected from the uncertainties of the foreign exchange market, you can relax and take your time in planning the rest of your emigration to paradise.

Grow Your Profit with No1 Currency

Adapt, diversify and innovate - These were the key themes that circulated the 2008 ABTA Travel Convention held recently in Gran Canaria.

This year’s ABTA Travel Convention brought together a wide range of travel industries to address both current and emerging issues which face the Travel sector today. There was a strong focus on customer needs and concerns, gaining a comprehensive understanding of company cash-flows and ensuring the continued motivation and development of staff.

Despite fears of an economic slowdown, the travel sector in the UK continues to grow steadily and is worth over £36 billion a year. ABTA Travel Partner, No1 Currency, invites ABTA members to become a Bureau de Change partner and grab a piece of the action.

No1 Currency is the only Foreign Currency Specialist in the UK to offer a unique and fully managed Bureau de Change solution to its partners. This synergy allows No1 Currency and its partners to diversify into a new and lucrative market.

Working together as a partner with No1 Currency, you will be able to expand your travel business and gain a competitive edge by offering your customers a more comprehensive holiday package of travel and foreign currency.

With a strong knowledge of the travel sector, No1 Currency understands how important value for money is to travel businesses and their customers. This unique Bureau de Change business model allows partners to experience increased footfall by consistently offering the best currency exchange rates on the high street.

Partners also enjoy a dedicated support team with professional training on hand as well as a new income stream into its business. The strength of the No1 Currency brand and ongoing marketing initiatives ensures both business and customer expectations are met unconditionally and that partners’ new foreign currency business flourishes.

Managing Director of No1 Currency, Mark McElney, said, “This years Travel Convention has highlighted the need for the industry to adapt and diversify inline with the changing needs of the market. Offering the highest quality and best value in services is essential for instilling consumer confidence.”

“In our experience, agents that adapt and evolve their travel business have found great success working in partnership with us.” Mr McElney continued, “Our partners have seen their footfall increase since offering this fantastic service which their customers really value.”

Founded in 1996, No1 Currency is the fastest growing Foreign Currency Specialist in the UK with a rapidly expanding network of 259 Bureau de Change outlets in association with various business partners.

Earlier this year No.1 Currency was shortlisted for the Ernst and Young Entrepreneur of the Year 2008 prize. This is the second prestigious business nomination that No.1 Currency has gained in as many years, being named as the Sunday Times Fast Track 100 Company 2007.

With plans for further growth including doubling size of its Bureau de Change network over the next year and building a greater market presence south of the border, this Edinburgh-based Foreign Currency Specialist is paving the way to become a global leader.

For more information visit:
http://www.no1currency.com/

http://no1currencypresscentre.blogspot.com/