TTT Moneycorp Group, a long-established provider of retail, wholesale and commercial foreign exchange services, announced that the RBS Special Opportunities Fund (RBSSOF) has increased its shareholding in the Group by acquiring all of the shares held by Mr Bassam Shlewet, the Group Chairman, and other family interests. In December 2006 the Shlewet family interests sold just under 50% of the Group to RBS.
Bassam Shlewet said: "Since 1979, I have, with the help of a great team, grown this business from one small shop in Oxford Street to the great FX services Group it is today. After 32 years of total dedication and involvement, I have decided it is time to 'slow down the pace' a little. Whilst I have no intention of retiring, my prime focus will now be my family, my health and enjoying the world a little bit more."
Lindsey McMurray, Head of RBSSOF said: "We are very committed to the Moneycorp business and are thrilled to have increased our stake. We believe that the business is positioned for strong growth both organically and through acquisitions. We look forward to working with our committed employees and loyal customers to deliver the potential of the business."