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Hertford International Group

  • BY: Andrew Hore |
  • POSTED: 04/06/2009 |

Hertford International Group has signed a deal with Money Transfer International Ltd which will expand its cheque cashing activities.

Hertford is building up a pre-paid debit card business and it is using cheque cashing as a way of developing a customer base. Hertford acquired Cheque Exchange from Provident Financial for 3m at the beginning of 2009. Cheque Exchange has increased its network by 15% since the takeover. It has around 4% of the cheque cashing market.

Cheque Exchange will provide cheque cashing services for MTI through 20 locations but the intention is to roll it out over the whole MTI network. That would increase the Cheque Exchange network by one-quarter. The contract is for three years and after that subject to 12 months notice.

Cheque Exchange and MTI are both agents of money remittance services company MoneyGram.

The news sparked a 1.25p rise in the Hertford share price to 16.5p, which values the company at 7.99m.

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