Exclusive: Alpari UK to Disintegrate Group as Buyers Refuse $25 Million Offer
- Forex Magnates has learned that most of the global group's employees are expected to be immediately let go, with about 50 to remain on board for the transitional period of the firm's winding up.
It seems Alpari UK will not be moving forward as a complete business entity any more. The KPMG Special Administration team promised to try and sell the insolvent brokerage as a whole unit and preserve the jobs of its employees - new information provided by Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' sources indicates that both of these attempts have failed.
On Friday afternoon the special administrators of Alpari UK gathered the employees of the firm and explained the situation. The company was offered for sale at $25 million, but no potential buyers were willing to pay.
For this reason, KPMG will break up Alpari UK into its segmented assets to be sold separately, according to people familiar with the matter.
The brokerage might be sold as separate local entities to different brokers around the world, as it has offices in Japan and Dubai, or it might sell off its client book to a different broker and shut down all operations completely. KPMG has not yet stated their plans regarding this.
One way or another, the lion's share of the groups' employees is likely to be terminated. Alpari UK employs as much as 240 workers globally, with 170 in the UK offices. Now it seems that only 50 will remain for a couple of months in order to finalize the company's winding up.
It seems Alpari UK will not be moving forward as a complete business entity any more. The KPMG Special Administration team promised to try and sell the insolvent brokerage as a whole unit and preserve the jobs of its employees - new information provided by Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates' sources indicates that both of these attempts have failed.
On Friday afternoon the special administrators of Alpari UK gathered the employees of the firm and explained the situation. The company was offered for sale at $25 million, but no potential buyers were willing to pay.
For this reason, KPMG will break up Alpari UK into its segmented assets to be sold separately, according to people familiar with the matter.
The brokerage might be sold as separate local entities to different brokers around the world, as it has offices in Japan and Dubai, or it might sell off its client book to a different broker and shut down all operations completely. KPMG has not yet stated their plans regarding this.
One way or another, the lion's share of the groups' employees is likely to be terminated. Alpari UK employs as much as 240 workers globally, with 170 in the UK offices. Now it seems that only 50 will remain for a couple of months in order to finalize the company's winding up.