WorldSpreads workers laid off as firm winds up

WORLDSPREADS administrator KPMG put most of the defunct betting firm’s staff out of their jobs yesterday as it began work to wind up the company.

Fifty two of the spread betting firm’s staff were laid off, leaving 12 to help find millions in missing client money and divvy up its remaining assets.

It is understood that KPMG has had expressions of interest from several other betting firms for WorldSpreads’ assets, which consist mostly of technology equipment and its 15,000-strong client list. Rival spread betting provider ETX Capital is among the parties in talks.

WorldSpreads went into administration over the weekend after “accounting irregularities” were discovered revealing that it is missing £13m of its clients’ money. Its founder and chief executive Conor Foley (pictured) resigned on Friday.

The staff who lost their jobs have also lost any redundancy pay-out promised in their contracts: KPMG has referred them to the government’s redundancy scheme for employees whose company collapses. They will only be paid salaries owed up until Friday.