It was revealed last week that the West Ham sponsor Alpari UK, a spread betting firm, became insolvent after the Swiss National Bank stopped the franc’s peg to the euro. This led to the currency rising in value significantly (to almost 40%) and resulted in Alpari losing millions of dollars.
Despite the company’s attempts to find a suitable buyer and avoid entering administration, yesterday Richard Heis, Samantha Bewick and Mark Firmin from KPMG were appointed to oversee the special administration process and consider all options, including discussions with interested buyers.
Richard Heis, stated “We have had a number of inquiries from interested parties in relation to the company's business.”
“We will be speaking with these parties and others over the next few days, and hope to secure a deal to preserve the business and jobs as far as possible.”
Alpari holds $98.5 million of client money which the administrators have said will be returned or special arrangements will be made.
The best outcome would be for a buyer to take over the business and secure jobs (there are 170 employees in the London office). The business could be separated, however, if assets are sold to various buyers. In most circumstances, staying in administration for a considerable amount of time can be detrimental to the business so it is in everyone’s best interests if a buyer is found soon.
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