UKForex takes the pain away from currency payments
Tails', a classic menswear retailer, began life as a vintage clothing stall in a Cardiff antique market. Managing Director, Joshua Williams grew up with the business, and said “My father, Mark, founded the company in 1979. When I left university, returning to run Tails' was a logical step – I’ve been involved in it all my life.”
Tails' imports clothing from Mainland Europe (France, Italy & Spain) and also from Norway. The premise is based on the authenticity and heritage of the clothing, and where it comes from. As Tails' import from these regions, they are exposed to GBP/EUR & GBP/NOK currency movements.
The Challenge
All of Tails' international payments were being transacted through their local bank, who offered poor exchange rates, unfair fees and unacceptable levels of service. Joshua slowly became frustrated with his bank and decided to explore alternatives for their international payments
Joshua was looking to find a company that could offer his business the exchange rates, fees, risk management products and service usually only reserved for much larger companies.
"As a smaller company, it was frustrating to have to spend twenty minutes on the phone to our bank every time we needed to make foreign currency payments."
Solution
After undertaking some research, Joshua contacted UKForex who walked him through the registration process, asked him questions about Tails', discussed his FX requirements and then quoted him an exchange rate based on an upcoming payment.
Joshua decided that UKForex was a good fit for his business and switched all future international payments to them.
Joshua continues to use their service to make spot transactions to Euros and Norwegian Krone. UKForex also manages Tail’s foreign exchange risk, reducing its exposure to unanticipated changes in exchange rates.