Torex appoints new chief exec on Deloitte’s advice

Torex Retail,
currently at the centre of a Serious Fraud
inquiry, has appointed Keith Taylor as acting chief executive in a
bid to restore the fortunes of the beleaguered AIM company

Taylor, who has just completed seven months as turnaround director for the
National Health Service, was
brought in last night by advisers Deloitte to run the company.

Iain Lynam a corporate recovery specialist at the firm, has also been
appointed to the Torex board with responsibility for managing any restructuring
of the business that may be needed. 

Torex said last night: ‘The company confirms that it remains in dialogue with
its lenders, who continue to be supportive of the restructuring process.’

The appointments come after the former chief executive, Neil Mitchell, who
was asked to step down a week ago, lifted the lid on alleged financial
irregularities at Torex. He has handed SFO investigators five cases involving
allegations of false accounting, fraudulent transactions and money laundering.

Further reading:

Torex chief exec: ‘I blew whistle’ 

FD leaves company after seven weeks 

Torex ousts chief exec and chairman, as
firms called in

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