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 any arrests.

A statement given to the London Stock Exchange said simply: "The board of Torex Retail plc announces that Mr Christopher Moore, former chairman, has today resigned from the board with immediate effect."

A spokesman for Moore told the Telegraph the events were entirely unconnected and the addresses were not Moore's properties, but belonged to other people linked to Torex.

Torex came unstuck when a trading update in January, which said everything was fine, was quickly followed by a profits warning. Shares in the firm are suspended while KPMG tries to make sense of the company's accounts.

The SFO has been investigating the company since the end of January. ®

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