Travelex chief sells half his stake

THE days when Lloyd Dorfman had to lock his bureau de change to go to the toilet seemed a long way off today as the Travelex boss pocketed an estimated £250m by selling half his stake in the business.

Dorfman, who set up the foreign exchange chain in 1976 from one shop near the British Museum, agreed a deal with venture capital giant Apax Partners that values the business at more than £1bn.

Apax is taking a 55% stake with Dorfman's shareholding shrinking from just over 60% to 30%. Fellow shareholder 3i is left with 7% after selling a 25% stake.

Dorfman, who will continue as chairman and chief executive at Travelex, today said he has no intention of changing his ways despite his newfound wealth: 'Life goes on. I've got a business to run.

'It's an opportunity to diversify my personal wealth but continue with a very meaningful shareholding in a business I started and created.'

His empire, which now has 670 branches, began at a site in London's Southampton Row. His first customer wanted to change 300 French francs.

Apax, which refused to comment on its purchase price, will help Travelex explore growth opportunities in Asia, Africa and the Middle East. The group today said it was already looking to work with emerging markets bank Standard Chartered. The deal included debt.