Finablr Appoints US Investment Bank As Independent Financial Advisor

Finablr, the embattled owner of foreign-exchange businesses including Travelex Holdings, has appointed an independent financial advisor to explore options for the company.

In a statement posted to the London Stock Exchange, Finablr that Houlihan Lokey, an American multinational independent investment bank and financial services company, has been appointed as the adviser.

The options that are being explored include a debt restructuring, capital raise or sale of assets.

Earlier in April, Finablr also announced that it appointed former Network International CEO Bhairav Trivedi as CEO.

“Houlihan Lokey is one of the largest, most experienced worldwide financial restructuring practices and one of the leading advisors to the financial service sector,” Trivedi said of Houlihan Lokey’s appoint. “I am confident they will play an important role in the next part of our journey.”

The appointment comes at a particularly challenging time for Finablr.

In March, he firm’s auditor, Ernst & Young, resigned, citing concerns about corporate governance, the make-up of the board and exposure to NMC Health.

In its resignation letter, EY said there were “concerns arising out of recent events at the company and NMC Health plc…the composition of the board of the company, the adequacy of corporate governance concerns and the recent issues that have caused the company to commission an independent review of the company's financial arrangements, including of related party transactions and on and off- balance-sheet debt".

Earlier this month Finablr announced it had hired an advisor to prepare for potential insolvency proceedings. Prior to that, the company confirmed that the Financial Conduct Authority (FCA) agreed to the temporary suspension of listing of the shares of Finablr PLC at the request of the company.