SFO carries out more raids during Torex Retail investigation

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The Serious Fraud Office has carried out three more raids as part of its ongoing investigation into the software developer Torex Retail, it was announced today.

The SFO said it had conducted searches at a business address in Banbury and two residential addresses in Gloucester and Warwickshire. No arrests were made.

However Torex Retail said the business premises that had been searched were not either its head office or any other office connected to the Torex Retail group.

Mr Moore's resignation was also announced today. He had already stepped down as non-executive chairman at Torex Retail earlier this year, but remained as a board member along with Neil Mitchell, the former chief executive who also stepped down but remains a member of the board.

On January 26, the company asked for its shares to be suspended, admitting that it would miss market expectations for 2006 because revenues from some contracts had slipped into the 2007 financial year.Three days later, the SFO raided two residential premises in Oxfordshire and one in Warwickshire.

Torex Retail is also under investigation by the Financial Services Authority, the City watchdog, and the London Stock Exchange after suspending its shares in January when it issued a profits warning and revealed a number of contracts to supply software to retailers would be delayed until the following year.

The vast majority of the company's management has now left and Torex Retail is now being chaired by Steve Marshall, the former chief executive at Railtrack.

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