Articles about Torex Retail


Fraud charges for 3 former Torex execs

The Serious Fraud Office (SFO) is charging three former executives of Torex Retail Plc with fraud offences. The company came to the attention of investigators four years ago after a trading update in 2007 which claimed all was well was quickly followed by a profit warning. The SFO raided several properties as a result, and the …
John Oates, 05 May 2011
fingers pointing at man

Phoenix revenues dip but profits stay aloft

Phoenix IT Group is surviving the recession - underlying profit is up four per cent and it has maintained margin at 14 per cent. For the year ended 31 March Phoenix saw revenues shrink, as expected, 2.9 per cent to £245.8m. But underlying profit before tax grew 4.2 per cent to £34.4m. As result it will increase share …
John Oates, 07 Jun 2010

Tills ring at Torex Retail

A one-third stake in UK software firm Torex Retail has been sold to investment firm General Atlantic for an undisclosed sum. Torex, which makes software for retail systems such as check-outs and tills, was rescued from administration in June by private equity firm Cerberus in a £204.4m deal which angered shareholders. Shares …
Kelly Fiveash, 30 Aug 2007

Lots of rain and too much Sun: climate change is on its way

Despite Britain being pelted by record rainfall over the past few days, there was a lot more Sun about than usual. Not that it was all bright. There was the 'shock departure' - that's what it said in The Reg, so it must be true - of UK president Trudy Norris-Grey and the appointment of Kim Jones as her successor. According to …
Billy MacInnes, 28 Jun 2007

Torex takeover angers shareholders

Shareholders in Torex Retail have reacted angrily to news that the company has been sold in a private equity deal which will see the banks get paid off but leave little for ordinary shareholders. A pressure group - UK Shareholders Association (UKSA) - is calling for an extraordinary general meeting to be held within three …
John Oates, 21 Jun 2007

Clarity shareholders call for boss's head

Clarity Commerce Solutions has vowed to fight rebel shareholders calling for changes to senior management. A former chairman of the company and individuals representing 13 per cent of Clarity's share capital are calling for an extraordinary meeting to remove current chief executive Graham York. Earlier this month Clarity …
John Oates, 17 Apr 2007
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Fawkes, Phoenix potty over ICM, as PC World goes to dogs

Web driver's licence please One thing you can say about fraud, there's a lot of it about. A study sponsored by the government found more than one in 10 people had experienced online fraud with an average loss of £875. Many wanted some kind of web surfing driver's licence to help them understand security better. A few American …
Billy MacInnes, 29 Mar 2007

More dawn raids at Torex Retail

The Serious Fraud Office (SFO) raided two residential properties in Gloucestershire and Warwickshire and a business address in Banbury, where Oxfordshire-based software firm Torex Retail has its headquarters, as part of its investigation into the company. The simultaneous raids, carried out yesterday morning, did not lead to …
John Oates, 22 Mar 2007

Torex Retail to lay off developers

Oxfordshire-based software company Torex Retail is laying off developers, but insists the move is not connected to the ongoing investigation into the company and its financial woes. Torex came unstuck when a trading update, which said everything was fine, was quickly followed by a profits warning last month. Shares in the …
John Oates, 02 Mar 2007

Torex Retail loses two more directors

Torex Retail said goodbye to two more directors late yesterday. The Oxfordshire-based software company came unstuck when a trading update, which said everything was fine, was quickly followed by a profits warning last month. Shares in the firm are suspended while KPMG tries to make sense of the company's accounts. Torex …
John Oates, 27 Feb 2007
fingers pointing at man

Torex Retail fraud investigation stool pigeon sings

The identity of the whistleblower in the Serious Fraud Office's (SFO) investigation of software firm Torex Retail was revealed on Friday as its suspended chief executive. Neil Mitchell told the Financial Times he had led a group of executives which had reported the firm to authorities. He said he would be seeking protection …

SFO raids Torex addresses

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 …
John Oates, 31 Jan 2007

Torex Retail calls in help to patch accounts

Torex Retail has hired specialist accountants to get to the bottom of a hole in its accounts. The London Stock Exchange is investigating Torex Retail after the PoS and performance management supplier issued a shock profit warning last week. Torex has hired accountants from KPMG to discover what went wrong and provide the …
John Oates, 29 Jan 2007