Premier Tax Free

Premier Tax Free
Privately held
Founded 1985
Headquarters Galway, Ireland
Area served
 worldwide
Key people
 Patrick Waldron (CEO)
Products VAT refund services (Tax Free Shopping); Dynamic Currency Conversion; Gift Card; Card Processing; Retail Sales & Cultural Training; Tourism Marketing Services; Business Intelligence
Number of employees
 +800
Website premiertaxfree.com

Premier Tax Free is part of The Fintrax Group,[1] a financial services company, specialising in multicurrency payments, credit card processing and the management of VAT refunds for tourists. Premier Tax Free provide their services to overseas visitors, international retail groups, hotels and banks around the world. It is the second largest tax refund provider globally, with Global Blue being the dominant leader.

With global headquarters in Ireland and regional headquarters in Paris and London, Premier Tax Free now operate in 34 countries and employs over 800 people worldwide.

History

Founded in Galway, Ireland in 1985 as Cashback Ltd., Premier Tax Free facilitated VAT refunds for international visitors to Ireland; a service that enables non-resident visitors to reclaim VAT on goods they purchase and privately export, according to EU legislation.[2]

Between 1993 and 1999, the business expanded throughout Europe, launching in France and then opening operations in the United Kingdom, Italy, Switzerland, Spain, Austria, Belgium, the Netherlands, Germany and Poland.

In 2000, dynamic currency conversion was launched and further operations opened in Australia and Canada.

In 2002, Premier Tax Free was launched as the new group, worldwide brand and trademark. The company then continued expansion around the globe with operations in Czech Republic, Jordan, Singapore, New Zealand, Denmark, Portugal, Mexico, Hungary, Morocco and Sweden.

In 2009, the company was presented with a Retail Systems Award for ‘Cards and Payments Solution of the Year’ following a project with British department store House of Fraser.[3]

In 2011, Premier Tax Free reportedly increased the Tax Free Shopping transactions by 150% in luxury fashion retailer, Hugo Boss, by introducing an automated point of sale solution.[4]

In 2012, following further successes and expansions into Uruguay, Greece and Argentina, previous owner and entrepreneur, Gerard Barry, sold Fintrax Group including Premier Tax Free to private equity firm Exponent for €170m.[5][6][7][8]

In 2013, Premier Tax Free merged with Tax Free Worldwide. The joint entity provides services to over 150,000 merchants worldwide.[9]

In 2015, French investment company Eurazeo acquired the majority stake in Fintrax from Exponent Private Equity, valuing the company at €550m.[10]

In 2016, the company entered new markets including Finland, Hungary and Shanghai.

In 2017, Fintrax Group acquired Planet Payment, a leading provider of international and multi-currency processing services, for $250 million.[11] It also announced the acquisition of GB TaxFree, the third largest tax refund provider in the UK, for £15 million.[12]

References

  1. ↑ "Company History". Fintrax.
  2. ↑ "Travellers leaving the EU VAT export refund scheme". European Commission. Archived from the original on 2014-06-11.
  3. ↑ "Hall of Fame 2009". Retail Systems Awards. Archived from the original on 2014-05-13.
  4. ↑ "Premier Tax Free helps Hugo Boss increase tax free shopping by 150%". A1 Retail magazine.
  5. ↑ "Buyout groups pick up Irish bargains". Financial Times.
  6. ↑ "Fintrax". Acquisition International.
  7. ↑ "Fintrax founder sells up for €170m to private equity firm". Independent.ie.
  8. ↑ "Financial services group in Galway sells for €170m". The Irish Times.
  9. ↑ "Macfarlanes advises Exponent on Tax Free Worldwide acquisition". Macfarlanes. Archived from the original on 2014-07-14.
  10. ↑ "Eurazeo to pay up to 335 mln eur for Fintrax". Reuters.
  11. ↑ "Fintrax Group to Acquire Planet Payment". Planet Payment. 26 October 2017.
  12. ↑ "Moody's assigns first time B2 CFR to Fintrax; outlook stable". Moody's. 12 December 2007.
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