Information  X 
Enter a valid email address

Hertford International Group P (OTV)

  Print      Mail a friend       Annual reports

Thursday 04 June, 2009

Hertford International Group P

New Contract Accelerates Expansion of Hertford'...

 New Contract Accelerates Expansion of Hertford's UK Cheque-Cashing

Key Points:

*          Contract with Money Transfer International Limited ("MTI")
  to expand  Hertford's existing third-party cheque-cashing network
  by up to 25%

*          Cheque Exchange Limited ("CEL") to initially provide
  cheque-cashing services throughout circa twenty pre-selected UK

Hertford International Group Plc (AIM: HIG), a provider of personal
financial products and services, is pleased to announce it has
entered into a contract with Money Transfer International Limited
("MTI") to offer Hertford's third-party cheque-cashing services in
the United Kingdom across their retail network, with the potential to
expand  Hertford's existing cheque-cashing network by up to 25%.

This contract is for a minimum period of three years and then subject
to twelve months notice, and will see Hertford's wholly owned
subsidiary, Cheque Exchange Limited ("CEL"), provide cheque cashing
initially through around twenty pre-selected locations scheduled to
commence during the next few weeks, with an ongoing roll-out across
MTI's two hundred plus agents, targeting ten retail outlets per month
thereafter until December 2010.

Since Hertford's acquisition of Cheque Exchange earlier this year,
organic growth has led to a near 15% increase in the network size,
and with the commencement of the new partnership with MTI the Company
now expects the total expansion of the network to be close to 50% by
year end. This is a strong step towards Hertford's strategy of rapid
network expansion through B2B initiatives.

Third-party cheque-cashing will also be part of MTI's offering as it
continues adding new locations to its MoneyGram� network, enabling
MTI to further differentiate itself from other money transfer
super-agents when looking to secure new locations.

CEL will provide all of the relevant support functions from its
centralised processing centre in Dewsbury, Yorkshire.

Around one million people  in the UK  use third-party cheque  cashing
outlets each year,  cashing a  total of over  three million  cheques.
 CEL currently  processes  approximately  150,000  cheques  annually,
giving Hertford just over four per cent market share in the UK.   The
new  agreement  targets  a  large  and  established  retail  network,
providing Hertford with the opportunity to significantly increase its
market share.

Lewis Findlay, Chief Executive of Hertford, commented; "This contract
provides Hertford with the opportunity to build on its acquisition of
CEL completed in January of this year, by leveraging the expertise
gained from over fifteen years delivering our third-party  cheque
cashing service.  Our stated ambition was to significantly increase
our share of the UK cheque cashing market, and now we can look
forward to working closely with MTI, who themselves also have strong
proven credentials as a provider of financial services."

James Nicholson, Chief Executive of MTI, commented; "We are delighted
to be  working with  Hertford, and  believe that  they are  an  ideal
partner for  the  provision  of cheque-cashing  services  across  our
network.  This  is  a  natural  product  to  complement  our  current
offering, which I am sure will prove mutually beneficial to both  our
companies, and we look forward to growing this relationship over  the
coming years"
Money Transfer  International  (UK)  Limited  ("MTI")  is  a  limited
company that is an authorized super-agent of MoneyGram� in the UK and
the  Republic   of  Ireland,   offering   through  its   network   of
Sub-representatives across  the  UK  and  Ireland,  MoneyGram�  money
remittance services.
For further information please visit or contact:
Hertford International Group Plc
Paul Marks - Non-Executive Chairman
                                    Tel: +44 (0) 20 3178 4440
Lewis Findlay - Chief Executive

Arbuthnot Securities
                         Tel: +44 (0) 20 7012 2000

Bishopsgate Communications
                                    Tel: +44 (0) 20 7562 3350
Maxine Barnes
Robyn Samuelson

Notes to Editors:
Hertford was  admitted to  the AIM  market in  December 2007  with  a
strategy to provide financial services to primarily those people  who
are not able to access a traditional bank account (the "unbanked").
Hertford owns 100 per cent. of CrewCard Network ("CCN"), a marketer
of prepaid debit card programmes targeted at a number of high growth
niche markets, including those people without a bank account.
CCN's business  model is  to  develop several  complementary  brands,
develop  its  own   distribution  network,  and   build  an   ongoing
relationship with  its  card users,  which  will enable  it  to  sell
additional products and services.
As part  of  this strategy,  Hertford  completed the  acquisition  of
Cheque Exchange  Limited  ("CEL")  from Provident  Financial  Plc  in
January 2009.  CEL  is  the  super  agent  for  MoneyGram  and  is  a
profitable  cheque  cashing  and  money  remittance  business.   This
acquisition  provided  Hertford   with  an  established   operational
infrastructure, a sales  force, and  positive cash-flow  on which  to
grow the business and fulfil the vision of Hertford.


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.