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October 4, 2010    

Crown Currency Exchange placed into administration

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by Kay Murchie
Crown Currency Exchange placed into administration

Crown Currency Exchange has today been placed into administration. Its collapse has been attributed to the downturn in the travel industry.

MCR has been appointed as administrator and said it believes 13,000 consumers will be directly affected by the collapse.

Paul Clark, of MCR, said that Crown had been affected by the downturn in the travel market and it has “experienced a difficult trading environment” over the last year.

MCR said it is contacting those affected to advise them on their individual situation

Crown Currency Exchange, which is one of the UK’s largest foreign exchange websites, was established by husband and wife Peter and Susan Benstead in 2005.

The company allowed individuals and business customers to pre-order foreign exchange at a set price up to a year in advance.

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1 Comment »

  1. These people are nothing more than thieves, they have taken the publics money right up until being put into receivership, they have deliberately not allowed payment by debit or credit card where the customer would be allowed to claim their monies back and they have not kept their customers money separate and ring fenced away from the company accounts - so far 20 million missing & only 3 million accounted for - no mention of the actual MD’s whereabouts, which I find strange, Taxi for Benstead?????

    Comment by Jan — October 6, 2010 @ 11:58 am

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