Former Torex Retail bosses charged with fraud

Three former bosses at software firm Torex Retail have been charged with fraud, relating to the company’s collapse.

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Three former bosses at software firm Torex Retail have been charged with fraud, relating to the company’s collapse.

Former Torex chairman Robert Loosemore and accountant Mark Woodbridge were charged with conspiracy to defraud and false accounting. Nigel Horn, the company’s legal director, was charged with conspiracy to defraud.

All three will appear at Banbury Magistrates Court on May 13.

Torex went into administration in 2007, following a shock profit warning that came days after it had announced it was making acquisitions.

The company, which had been spun out of iSoft in 2007, was sold to private equity firm Cerberus European Investments. Customers of the new company include McDonald's, Cafe Rouge and Dixons.

At the start of this year, two former Torex executives were jailed after being convicted of fraud. The two men are Edwin Dayan and Christopher Ford, directors at the XN Checkout subsidiary.

Serious Fraud Office investigations into the company’s collapse continue.

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