West Ham sponsor Alpari in administration after Swiss franc surge

GMT 01:38 2015 Tuesday ,20 January

Arab Today, arab today West Ham sponsor Alpari in administration after Swiss franc surge

The Swiss National Bank
London - AFP

British foreign exchange broker and West Ham sponsor Alpari UK collapsed into administration on Monday and was seeking buyers after it was battered by a surge in the Swiss franc.
The Swiss National Bank (SNB) shocked markets last week when it abandoned a three-year policy of stopping the franc from strengthening, causing losses for a range of brokerages and banks.
In a statement, Alpari said it had applied for insolvency and had been appointed special administrators, after weekend talks with potential buyers fell through.
"The announcement by the SNB prompted volatility across the foreign exchange markets which saw the company and many of its clients make large losses," the statement said.
"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."
A sponsor of English Premier League football team West Ham United, Alpari employs hundreds of staff around the world.
Alpari signed a three-year multimillion pound sponsorship deal with West Ham in February 2013 under which the firm's name is displayed on their team shirts.


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