According to Reuters, British retail software company Torex Retail announced on Friday that Chief Executive Neil Mitchell, who was the director of the company, had been resigned.
Neil Mitchell's resignation was the latest news connected with the suspension of Torex shares in January and continuing fraud investigation.
The new chief executive was announced Keith Taylor, who had been chief executive since Mr. Mitchell was suspended on January 31.
Mr. Mitchell took its position as chief executive of Torex in September 2006. When the company was suspended on January 26, the SFO began an investigation on January 30, which also included raids on offices and people working at the company.
Torex's management will discuss takeover offers made since it was put for sale in March. Bidders want to include US private equity group Gores, the UK's Alchemy, specialist technology funds from Cerberus and Golden Gate, and Germany's Nixdorf.
There is very serious point to be taken into account: Torex has £300m in net debt and contingent liabilities.
The Serious Fraud Office, the Financial Services Authority and the London Stock Exchange began to investigate Torex after there was a severe profits warning.
Torex shares were suspended at 41p, only when it announced that the company had won several new contracts.
The company has to publish 2006 accounts report; however bidders have seen figures got by independent accountants appointed by Torex's interim management. The figures seem to be almost the same as the results that Torex presented in January.
A consortium of banks led by Royal Bank of Scotland has provided several investments which total in more than £20m during the past few months, which enable the company to continue its existence.
Steve Marshall, who was the chief executive of Railtrack, has been acting as chairman, leading a new interim management.
Torex, which provides business management software to the retail, hospitality, leisure and petroleum sectors, has been its history more than 20 years ago and works across Europe, in the US, Australia and Asia. Torex merged with Isoft, the healthcare software group, in 2003, and Torex Retail was created when its shares were bought out of Isoft in 2004. - Alla Harutyunyan for HULIQ.COM
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