The deal, which will raise its banking facility by the reported amount,
was agreed after KPMG was drafted in by the bank to conduct a review. The
additional funds will be extended to the company for six months,
Torex recently revealed that its debts would be £23.2m higher than expected
because of a number of contracts to supply point-of-sale software to retailers
being delayed, just eight days after issuing a statement to the City detailing a
number of new contract wins.
New acting chief exec Keith Taylor, a turnaround expert who previously worked
in the NHS, had previously told The Times: ‘We are having very
constructive discussions with our lenders. I am very confident that these
constructive discussions will lead to a positive outcome.’
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The Cogital Group recently acquired Baldwins along with Blick Rothenberg, the former BPO division of Visma