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No1 Currency and the Italian Job
By No1 Currency
Dated: Feb 03, 2009
“In the last few months the pound has seen its most rapid fall in value,” said Mark McElney of No1
Currency, “coupled with the slowdown in consumer spending, ensuring the best exchange rates has never
been so imperative.”
Scotland’s leading independent food specialist Valvona and Crolla is managing its margins with
comparative currencies from No1 Currency to ensure the continued supply of its world famous continental
foods and specialist Italian wines in light of the current economic slowdown.
It’s times like these that companies trading across borders really notice the adverse effects of fluctuations
and movements in the currency market. For those firms who rely on importing goods, ensuring the best and
most competitive rate of exchange can often make the difference between a profit and loss.
“In the last few months the pound has seen its most rapid fall in value against the euro,” said Mark
McElney, Managing Director of No1 Currency, “coupled with the slowdown in consumer spending,
ensuring the best exchange rates available has never been so imperative.”
Mark McElney continued, “My advice to international traders is to examine and compare exchange rates
offered by their banks to those offered by other international transfer services and currency specialists,” He
added, “More often than not banks are charging way over the odds for international payments,”
As a worldwide specialist food trader, Scotland oldest and best loved Delicatessen and Italian wine
merchant, Valvona and Crolla is no stranger to the impacts that can occur as a result of turbulence in the
currency market. The company relies on the continued import of fresh Continental-European products and
the cost of these imports will ultimately impact on the company’s bottom line.
So how is Scotland’s undisputed food heaven faring up in light of the current economic climate and the
state of the foreign currency market?
Despite the turmoil in the currency markets and the current economic slowdown, Valvona and Crolla has
gone from strength to strength expanding its outlets into Jenners Food Hall on Princes Street and Loch
Lomond Shores as well as opening its second café in House of Fraser at London’s Westfield shopping
When importing fresh produce from abroad, Valvona and Crolla initially made international payments
through its bank. However with the poor exchange rates and transaction fees being imposed by banks,
Valvona and Crolla turned to their local foreign currency specialist, No1 Currency, for more competitive
Managing Director of Valvona and Crolla, Philip Contini said, “We started using No1 Currency worldwide
transfer services about 4 years ago for the purchase of our artisan food produce and specialist wines.”
“We discovered that using a foreign currency specialist such as No1 Currency was far cheaper than using
the banks.” Mr Contini continued, “in fact by switching from our Bank to No1 Currency to make our
transfers we saved around 20% which has certainly helped our margins.”
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“Our trading needs change from month to month and many of our products are perishable, therefore it is
vital for us that we are able to use a flexible transfer service that is fast and efficient.” Mr Contini
explained, “No1 Currency tailored their service to fit our needs and provided unbeatable exchange rates
which has really made a difference to our trading.”
“In today’s economic climate it is vital for all companies that rely on international export and import or
deal in foreign currencies compare rates in the marketplace, making sure they are getting the best deal
Last this year a €56,000 transaction through a high street bank would have cost £46,311. The same
transaction made through No1 Currency would have cost £45,271*. That amounts to a £1,041 saving by
simply using No1 Currency over a high street bank.
For SMEs (small and medium-sized enterprises) with typically low profit margins, the overall savings
made on each transaction could seriously improve the business’ bottom line.
For forward thinking companies like Valvona and Crolla, No1 Currency has been providing UK businesses
of all sizes with the best value and most competitive exchange rates available.
Issued on behalf of No.1 Currency by LLLink at Forth House, 5 Johns Place, EH6 7EL.
Contact Emma Sykes on (0131) 561 8416 or email@example.com
LLLink at Forth House, 5 Johns Place, EH6 7EL.
Contact Emma Sykes on (0131) 561 8416 or firstname.lastname@example.org
Category Food, Business, Transportation
Tags foreign currency specialist, no1 currency, Scotland, edinburgh, bureau de change, franchise business
Email Click to email author
Phone 0131 561 8416
Address 9 Johns Place
Zip EH8 8HF