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SFO raids Torex addresses

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The Serious Fraud Office (SFO) has raided three addresses connected to Torex Retail, the troubled software supplier already facing investigation from the London Stock Exchange (LSE), after a shock profit warning on 26 January.

The SFO is investigating along with the City of London police.

A statement on the SFO website said a residential address in Oxfordshire was raided on Monday evening. On Tuesday morning there were simultaneous raids on an address in Warwickshire and a second address in Oxfordshire. No one was arrested.

Torex has hired specialist accountants from KPMG to help patch the hole in its accounts after announcing its outturn for the 2006 financial year is likely to be significantly below market expectations. Torex asked the LSE to suspend its shares while the investigation is going on.

The company provides point of sale and inventory systems to shops and petrol stations. ®

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