Torex bailed out by Royal Bank of Scotland
Bank stumps up funds to help troubled software provider recover while the company remains under SFO, KPMG and London Stock Exchange spotlights
RBS,
Torex Retail‘s main
lender, has come to the rescue of the beleaguered company with a bail-out
package thought to be worth between £20m and £30m.
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,
The Times
reported.
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.’
Further reading:
Torex Retail auditor earned large non-audit
fees
Torex appoints new chief exec on Deloitte’s
advice