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.

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."