BusinessBusiness RecoveryTorex holding company enters administration

Torex holding company enters administration

Holding company of troubled Torex enters administration, with assets sold off to Cerberus

Torex, which is under investigation by the Serious Fraud Office, has had its
assets purchased and the main holding company has entered into administration.

Cerberus has purchased the business for more than £200m. Secured creditors
were expected to get paid as part of the deal, but Torex’s unsecured creditors –
who are owed £60m – will not be paid.

KPMG partner Richard Heis is administrator for the Torex holding company.

Torex has previously suffered accounting irregularities.

Further reading:

Torex rocked by £5m black
hole in interims

Torex problems may break its banking
covenants

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