Chip & PIN supplier suspends shares over £23 million extra debt
26 January 2007 09:12
Torex Retail, a leading supplier of electronic retail solutions, has suspended its shares on the London Stock Exchange after announcing that its outturn for the 2006 financial year is likely to be significantly below market expectations. The company, which provides retailers with EPoS, Chip & PIN, mobile, back office and head office services, said that its borrowings at the year end were approximately £23 million higher than previously expected. The company has contracts with retailers including Hamleys, Argos, Matalan, Monsoon, 3, Phones 4u, SPAR, WH Smith and Benetton.
Torex Retail said in a statement that it had appraised its banks of the position and was continuing discussions over the situation.
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