Torex takes first step on the retail acquisition trail

Torex Retail has acquired a controlling stake in German EPoS specialist Logware Informationssysteme for EUR2.5 million (£1.7 million). It paid cash for a 69.8 per cent stake in the EPoS specialist.

The remaining shares are owned by managing director Hans Jurgen Heck and family, but Torex is negotiating the purchase of all the minority shareholding in the coming weeks.

Torex will also repay Logware's existing EUR5.8 million (£4 million) debts.

The acquisition is the first in a series to be funded by a share issue worth more than EUR7.7 million (£5.37 million).