Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP were today appointed Special Administrators to Alpari (UK) Ltd, a leading City foreign exchange broker.
Alpari (UK) Ltd applied for insolvency on Monday 19 January 2015 following the decision on Thursday 15 January 2015 by the Swiss National Bank to remove the informal peg to the euro at around 1.20 Swiss francs. The announcement by the SNB prompted volatility across the foreign exchange markets which saw the company and many of its clients make large losses. After a weekend spent in urgent discussions with various parties with a view to selling the company, these efforts were ultimately unsuccessful.
Commenting on the appointment, Richard Heis, Partner at KPMG and Joint Special Administrator, said: "Following the announcement by the SNB last week, Alpari (UK) Ltd sustained substantial losses as a result of negative client balances, and was faced with no other choice but to enter into special administration. We have had a number of enquiries 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."
He continued: "The company holds some $98.5 million of retail client money which has been segregated and we shall be returning this to clients or making other suitable arrangements in accordance with statute and the regulatory framework at the earliest opportunity."
The company employs around 170 employees at its offices in Bishopsgate, London.
Customers can email details of their claim to the following email address: email@example.com
The special administrators have set up a hotline for affected customers. Details of this can be found on the www.kpmg.com/uk/alpari website.
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Katy Broomhead, KPMG Press Office
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
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