Foreign exchange firm Travelex has gone into administration with the loss of more than 1,300 UK jobs.

Administrators PwC said a cyber-attack earlier this year followed by the coronavirus crisis had “acutely” hit the firm.

Travelex was held to ransom by hackers in January after the cyber-attack forced it to turn off its systems.

PwC said a restructuring deal had been reached which had saved 1,800 UK Travelex jobs.