Volumes of foreign currency collected and processed by Loomis UK grew once again in 2015.
Loomis processed over 25% more foreign currency in 2015 compared to 2014 – marking the second consecutive year of growth for the Loomis FX division.
Craig Sherriff, who heads up the FX team in the UK, greeted the news, “It has been another great year for us. Once again, we have exceeded every target and expectation for Loomis FX in the UK.”
“As with last year, we have had significant growth in our processing volumes. This continued growth is testimony to the calibre of the solution, to the teams delivering it and most importantly, to the relationships we have with our customers. It’s those factors that have helped us to enhance our offering and this growth is proof that we are on the right path”, Sherriff added.
Loomis launched the FX solution in 2013 to support customers with their evolving foreign currency needs. Loomis started to collect foreign currency alongside customers’ normal cash in transit. Utilising its own fleet and processing centres means that Loomis offer transparent collection and processing costs – it also publishes rates daily and provides the option of fixing the rates on collection date.
An ‘instant hit’ with Loomis clients, the solution inevitably attracted new customers. Those included; an airline service provider, an independent currency exchange, a number of hotels, and a large national retailer who accepts multiple currencies.
“If asked, I think that our customers would either cite competitive rates or service levels or the daily fix as the greatest strength of the Loomis FX service. But I would imagine that all of them would agree that it is the simplicity and transparency of it that sets us apart”, says Craig.
“We deliberately set out to develop an FX solution that is not just easy to understand, but was also transparent with no hidden charges. When we collect foreign currency from customers’ premises on our vehicles, we can fix the rate, it is processed and the exchange value paid in GBP into their bank accounts. It’s really as simple as that - just a great, quality service.”
With an eye to continued growth in 2016 and beyond, Loomis announced the planned roll-out of an additional FX regional hub in Manchester.