Former Torex boss leaves new job (From Witney Gazette)

Former Torex boss leaves new job

3:34pm Thursday 8th February 2007 in Witney

THE former chairman and co-founder of troubled Torex Retail stepped down from his role in another firm as a fraud investigation continues.

Rob Loosemore, a former pupil of Abingdon School, whose home was searched by the Serious Fraud Office (SFO), has resigned as non-executive director of spread-betting company London Capital Group.

He was chairman of Witney-based Torex Retail until September 2005.

Torex Retail employs 65 people at Range Road, Witney, and 53 workers in Banbury.

Mr Loosemore, a member of North Oxford Tennis Club, said: "I can't give you a comment. I would love to put my side of the story, but I just can't."

Former Wantage bank manager Geoffrey Forster, who has become acting Torex chairman while the SFO investigation progresses, also resigned his non-executive directorship at London Capital, as well as the chairmanship of clinical research organisation Premier Research.

Frank Chapman, chairman of London Capital Group, said: "The two have stepped down pending the outcome of the investigation at Torex.

"Whether the resignations are permanent or not depends on how long the investigation goes on."

Mark Woodbridge, finance director at the original Torex from June 2000 to December 2003, when the group merged with iSoft, has also resigned from directorships at two companies, including telecoms firm AT Communications and healthcare company Ascribe.

Mr Woodbridge, was voted the Young Businessperson of the Year in the Oxfordshire Business Awards 2004.

Earlier last week, both Neil Mitchell and Chris Moore stepped down from roles as chief executive and non-executive chairman at Torex Retail respectively.

Mr Moore was also a winner in the Oxfordshire Business Awards.

In 2000 he won the Business Person of the Year.

Torex Retail produces software for cash registers at firms such as Monsoon, McDonald's, and Argos.

Last month, it suspended its shares on the London Stock Exchange (LSE), after warning profits would be lower than expected, just eight days after unveiling a raft of new contracts.

LSE is also investigating Torex and its stockbrokers for allegedly breaking rules on financial disclosure.