BRITAIN'S Serious Fraud Office (SFO) has begun an investigation with police authorities into the country's collapsed Facia retail empire and related companies.

The Facia jewellery to clothing chain, which was Britain's second largest privately owned retailer, was put into receivership on June 1st, with debts of around £30 million sterling.

Facia collapsed after Israel's United Mizrahi Bank called in the receivers the same day.

An SFO spokeswoman said five premises connected with Facia had been searched yesterday and that no arrests had been made. Sheffield based Facia was founded by businessman, Mr Stephen Hinchliffe.