Torex buy should be welcomed, says RBSretail

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Torex buy should be welcomed, says RBSretail

Antony Savvas

Retailers should welcome the £204m acquisition of the operating parts of retail software house Torex by private equity house Cerberus, said Richard Goodall, CEO of RBSretail.
 
Torex reported profits of just £4m on sales of £246m for 2006, but suffered exceptional costs of £195m. The AIM-listed share was suspended in January and subject to a Serious Fraud Office inquiry shortly after.

Welcoming the deal, Goodall, a Torex reseller, said it was “very positive for customers and staff who have [been loyal] following the implosion”.

Goodall said 23 retailers, making up 75% of Retail-J users, are RBSretail clients. Retail-J is Torex’s top-end point of sales management system. Clients include Harrods and Selfridges, and French Connection has just started using it in its New York stores.

This week’s Cerberus deal gives it a chance to recapitalise the business and get rid of non-earning subsidiaries and products.

Torex chairman Steve Marshall said shareholders would lose out, but the deal was good news for customers, suppliers and more than 2,500 staff.

Epos supplier Torex Retail calls in Serious Fraud Office >>

Telegraph: Torex sale faces shareholder challenge >>

Torex Retail >>

Cerberus >>

RBSretail >>

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