Lloyd Dorfman CBE (b. 1952) is a British entrepreneur and philanthropist, and the founder and chairman of the Travelex Group, the world’s largest non-bank foreign exchange business.
London-born Lloyd was educated at St Paul’s School and turned to investment banking before starting his Travelex bureau de change business in 1976 from a small shop in central London. Times were difficult at first, in a market dominated by some of the world’s largest financial organisations, but Lloyd persevered and was able to win business by providing a cheaper and more efficient service than his rivals. The business expanded to include kiosks at seaports and ferry terminals, and made significant progress in 1985 when Lloyd brokered a deal with BAA to operate from the new Terminal 4 at Heathrow airport. In so doing, Travelex broke into a market that had previously been occupied by clearing banks alone.
Following this major breakthrough, Lloyd was able to continue the trend and by 2013, the Travelex Group had a presence in 105 airports with an estimated 40% of the world’s airline passengers passing through terminals at which it operates, and revenues that year equalling £695m. In the years running up to this, Travelex had acquired Thomas Cook’s Global & Financial Services business for £440m which contributed hugely to international expansion. With headquarters in London, the Group now operates in 30 countries and employs 6,500 people worldwide. In 2014, Travelex shareholders announced the agreement to sell the business, which will complete towards the end of the year. On completion, Lloyd will become the President of Travelex, and retain a shareholding.
In 2008, Lloyd was appointed CBE in the Queen’s Birthday Honours list for services to business and charity. He is a previous winner of the Consumer Business category in the UK Entrepreneur of the Year awards, and an Honorary Fellow of St Peter’s College, Oxford.
Lloyd was honoured by the British Travel & Hospitality Hall of Fame in 2005