Latest reports divulged that London deputy Mayor Rajesh Agarwal's foreign exchange business grew last year following its negotiation through Brexit. Revenues of Agrawal's Rational Group saw a 20 per cent surge last year to £1.4 billion, as per accounts filed at Companies House. It said the pound's slump “helped the group identify opportunities for operational improvement that have driven a small spread contribution from the previously loss-leading Xendpay”.
The achievement was dubbed as “significant” by RationalFX and Xendpay's parent company. IT said the results were in line with the targets set before the Brexit vote sends the sterling plummeting. Agrawal had joined London Mayor Sadiq Khan last summer, handing over his role as chief executive to co-founder Paresh Davdra, stepping back as non-executive chairman at both the companies. He has been extremely vocal about British Prime Minister Theresa May's strategy and said London firms needed to maximise access to the single market, passporting rights, and access to talent in Europe.
Meanwhile, Davdra said, “We are concerned by the uncertainty causes by Brexit. From our London office, we serve customers from across Europe and employ many people from the EU. Brexit is not the result we hoped for but I believe we have to move forward.”
