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Crown Currency Exchange (Confirmed 4 Oct: in administration)

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PostPosted: Oct 1st, '10, 19:15 
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rumours they have gone bust today :que



PostPosted: Oct 1st, '10, 20:10 
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As you suggest Kevin, the web is full of rumour and speculation today that 'Crown Currency Exchange' (crowncurrencyexchange.com) has ceased trading.

This seems to be based on a message on the company's website saying that they are currently experiencing technical problems with their online ordering system, as well as the fact that phone lines are constantly ringing out or giving an engaged tone. According to the message, while engineers are apparently working on a fix to the online ordering system, customers are being automatically redirected to the company's currency suppliers, 'International Currency Exchange'.

However, a statement on the 'International Currency Exchange' website says that they have not been formally notified of any formal insolvency proceedings in relation to 'Crown Currency Exchange', and adds that they cannot answer any enquiries about that company.

Customers of 'Travel Money Services' (travelmoneyservices.co.uk) are experiencing similar concerns and problems and are also being redirected to 'International Currency Exchange' .

No reliable information is currently available elsewhere, all we seem to have is this rumour and speculation across the web, which obviously must be extremely worrying for everyone waiting for currency orders to be fulfilled. Many customers are reporting the non-arrival of orders which they expected to be delivered yesterday and today.

Hopefully some positive news might be available very soon.

David :wave

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PostPosted: Oct 2nd, '10, 11:10 
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BBC Radio 4's Money Box programme has just described Crown Currency Exchange as being "in trouble" and reports that the company has had its bank accounts frozen by Barclays in an effort to protect creditors.

David :wave

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PostPosted: Oct 2nd, '10, 15:58 
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website is running as normal



PostPosted: Oct 2nd, '10, 16:01 
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It's not, little legs. It may look normal but if you click on the Order Online button, you are given a message about technical problems before being redirected to another company which disclaims any responsibility for Crown Currency Exchange and is unable to answer any enquiries about them.

David :wave

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PostPosted: Oct 2nd, '10, 16:05 
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yep, your right, just clicked on the ordering button, thank god i got mine (£2,000) in september from them. i will be keeping my eyes open for info on this thread



PostPosted: Oct 2nd, '10, 16:21 
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just read the statement aswell from the re directed company ICE. does sound iffyy

https://www.currency-express.com/compar ... ement.html



PostPosted: Oct 2nd, '10, 19:21 
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There is still a lack of any reliable information in the media, but no shortage of rumour and speculation elsewhere on the web about developments at Crown Currency Exchange / Travel Money Services.

However, as both names are based at the same address in Cornwall, I have just verified with Devon & Cornwall Police that they are in fact compiling information in relation to the situation.

Anyone who has a currency order outstanding with either Crown Currency Exchange (crowncurrencyexchange.com) or Travel Money Services (travelmoneyservices.co.uk) is advised to contact Devon & Cornwall Police on 08452 777444.

David :wave

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PostPosted: Oct 2nd, '10, 22:17 
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The Sunday Telegraph has now picked up on the story:
http://www.telegraph.co.uk/finance/news ... lters.html

David :wave

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PostPosted: Oct 3rd, '10, 12:00 
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i know its not really holiday related but possible links to cce, this company is not answering aswell note the address and cce have links to this company http://www.grantsofcornwall.com



PostPosted: Oct 4th, '10, 07:04 
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Can't post links just yet but I've set up a blog to get as much news and advice in one place - plus if CCE really has gone belly up we may need to group together to get our money back.

It's on wordpress.com, titled '-- removed --'.

Used CCE a few times before with no issues - but these things happen, unfortunately!


Last edited by MarkJ on Oct 4th, '10, 07:41, edited 2 times in total.
Name of blog removed as unable to verify content



PostPosted: Oct 4th, '10, 08:37 
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There are a few companies all related to
Crown Holdings (London) Ltd
John Harvey House
Foundry Square
Hayle
Cornwall
TR27 4HH

They appear to be ?-

Crown Holdings (London) Ltd.
Crown Currency Exchange Ltd.
Direct Pawnbrokers Ltd.
Grants of Cornwall Ltd.
Mayfair & Grant Ltd.
Travel Money Card Ltd.

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PostPosted: Oct 4th, '10, 11:04 
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There's a 44 page thread running on the Money Saving Expert forum, entitled "Is there a problem with Crown Currency?".

There's also something coming on BBC Radio Cornwall shortly.

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PostPosted: Oct 4th, '10, 11:16 
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Thanks roseweb ... I have removed the link for our protection. I have been watching that topic and others on some unmoderated sites. In situations such as this where feelings are running high, they tend to attract some comments of a potentially libelous and slanderous nature, with perhaps some data protection issues too. That's obviously for those websites to worry about, but by linking directly to any of those topics, we could also be at some risk.

David :wave

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PostPosted: Oct 4th, '10, 12:21 
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Foreign exchange operator collapses

More than 13,000 holidaymakers have been left out of pocket following the collapse of currency exchange business Crown Currency Exchange.

Joint administrators Paul Clark and Matt Bond, partners at MCR, and Harold Sorsky and Stella Davis of SPW blamed the Cornish firm's collapse on a difficult trading environment during the past 12 months.

It confirmed that customers who had ordered currency from Crown would not be receiving their deliveries. The company's bank accounts have been frozen by Barclays.

“We believe that over 13,000 consumers have been directly affected and we will be in contact with them shortly to advise them on their individual status," said the administrators in a statement.

"I have no doubt that they will be understandably concerned about their own position and we recommend that they contact the company directly." Crown publishes an 0800 number on its website, but this was not working today.

Crown Currency Exchange was an independent foreign exchange operator specialising in providing foreign currency to individuals and businesses travelling overseas.

It was established five years ago and had processed hundreds of millions of pounds worth of foreign currency transactions over that period. Its services included cash, travellers cheques and money transfer facilities.

Operating from its base in Hayle, Cornwall, the company was established by husband and wife team Peter and Susan Benstead.

“We fully appreciate the difficult position in which many will now find themselves in - many in the build-up to holidays or business trips, as well as money transfers associated with second home purchases," added the administrators.

"However the administration process is in its early days and we cannot guarantee an early resolution for those looking for a quick return of their money.”

With permission from Travelmole

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PostPosted: Oct 4th, '10, 12:31 
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The company websites have now been updated with a message from the administrators:

http://crowncurrencyexchange.com/
http://travelmoneyservices.co.uk/

David :wave

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PostPosted: Oct 4th, '10, 12:35 
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I am sorry to say that Crown Currency have gone bust

Post edited for copyright reasons. Info available in posts just above
David HT Mod



PostPosted: Oct 4th, '10, 12:41 
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i feel for all the people who have money tied up, my heart goes out to them, i just hope they can get some form of it back



PostPosted: Oct 4th, '10, 15:49 
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cant believe this used them a couple of times alwas got a good rate with them



PostPosted: Oct 6th, '10, 07:07 
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I have used this company every time i visited the states, such a shame. I hope everyone gets there money back.



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