UK's second fastest growing company - based in Penzance
They deal in foreign exchange, have turned over £260 million this year and have just been named as the UK's second fastest growing company in the Sunday Times Fast Track 100 list.
Yet you won't have to go to Threadneedle Street, Cheapside or any other of the City of London's famous thoroughfares to find them – TorFX are based at Penlowarth in the centre of Penzance.
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Adam Solomon, head of trading, left, with Jon Beddell. CIoSP
There, a skilled workforce of 50 carry out the core business of buying and selling currency for people involved in the property market overseas while also supplying many South West businesses with their foreign currency requirements.
Managing director, Jon Beddell, started the company with Westcountry timber merchant Edward James in the City in 2004 but relocated to Penzance just a few months later and it proved to be an inspired decision.
"We've been able to recruit excellent staff who are committed to providing a high quality service to clients and our cost base here is that much lower than elsewhere so we are very competitive," he said.
"All our business is by telephone and internet so location is not an issue and we are able to take market share away from the big banks and the City."
This week TorFX has also announced the launch of the Travel Money Card, a pre-paid travel debit card, which Mr Beddell says could eliminate the need for travellers' cheques and will open up a new market for the company in catering for the needs of people who wish to holiday abroad.
And despite the downturn, Mr Beddell is still expecting the business to grow over the next 12 months, with 2009's turnover predicted to rise again to £450 million and with plans in the pipeline to expand the workforce still further.
So the future is bright for TorFX and Mr Beddell is delighted that he made the decision to move to West Cornwall.
"I'm increasingly aware that Penzance is a great place to do business and we will never move the business from the town," he said.
"As long as you don't need the face to face contact, there are great opportunities in the South West for businesses in the financial services' sector."
8 Comments
by philip, mk
Wednesday, November 17 2010, 3:35PM
“peter benstead director of failed company cce and convicted fraudster has been missed out from this article conveniently and edward james and the pine company he does not like to comment has gone bust he conveniently retired from cce before it also went bust”
by Simon Yensen, Bristol
Thursday, January 29 2009, 12:04PM
“Cant believe how bitter and negative some of these comments are. The days of significant employment by tin mining in Cornwall are long gone!! You may want to reconsider your comments as I'm sure this company could have easily moved to another part of the country. As for comments related to the shrinking of the organisation, they are negative and unnecessary. Do you find it difficult to praise other peoples' success because you've had so little of your own?”
by Jon Beddell, Penzance
Tuesday, December 30 2008, 1:51PM
“Ian (Wales)- The market for overseas property remains strong despite the current economic downturn
Watcher - You seem to have misunderstodd our business. We are not property investors, we are a foreign currency broker. I am disappointed to hear that you do not want "companies like this" in West Cornwall. In my view Cornwall is ideally situated for financial services companies, which could make a significant contribution toward improving the economy in what is still an economically depressed part of the UK.
Garry - I'm not sure how your comments relate to our business, if at all. In fact, TorFX customers are typically aged between 40 - 65, and are usually buying a second home or retirement home abroad....and yes, sometimes in the Algarve! We also transact for companies who have foreign currency requirements. I am surprised that you are linking TorFX (a company that offers people a money saving service in direct competition with the banks and established financial sector) with the current financial downturn. We do not manage pensions or invest people's money. We are not involved in helping people to "avoid their financial responsibilities in the UK".
As for profits, I am glad to say the business operates at a modest profit, is growing, and we hope to continue to offer employment opportunities in the area over the coming years.
Jon Beddell
TorFX (MD)”
by Ian, Cornwall
Wednesday, December 10 2008, 10:07AM
“Watcher Cornwall - So are you saying we don't want employment opportunities in West Cornwall??
Move with the times!!”
by Ian, Cornwall
Tuesday, December 09 2008, 10:21PM
“I think you'll find there wasn't much of a market for it 12 months ago either but that doesn't appear to have stopped their growth.
I think you'd also find that if you had any knowledge in this field that foreign currency exchange around the world involves more than just property sales sunshine...”
by Garry, Truro
Tuesday, December 09 2008, 6:34PM
“Ian - there is if you want to move your assets off shore to avoid your financial responsibilities in the UK. Companies like this hardly make their profits from pensioners buying retirement homes in the Algarve, do they now? I'm gobsmacked than in the present climate there are still people boasting about how much profits they're making in the financial sector.”
by Watcher, West Cornwall
Tuesday, December 09 2008, 6:28PM
“Haven't we learned a lesson from the damage already done to Cornwall's economy by the activities of profiteering Sunday Times listed property 'investors' and financial services carpetbaggers coming in from up country? We don't need companies like this in West Cornwall.”
by ian, Wales
Tuesday, December 09 2008, 3:17PM
“Given the current climate they will most likely be the second fastest shrinking company over the coming 12 months. Not much of a market in overseas property investment these days.”