Ladbrokes have lost the services of another senior manager after it emerged that Mark Fogarty, boss of the bookmaking giant's racecourse operation, has been suspended from his job.

Fogarty worked closely with trading director, Jon Thompson, who was fired on misconduct charges last week after earlier being placed under suspension.

Although Ladbrokes are keeping tight-lipped over the circumstances surrounding Thompson's departure after just over a year with the firm, it is known to be conducting an investigation into the trading department, which is responsible for prices offered and bets accepted.

It is understood the probe includes the desk that handles the accounts of high-rolling punters, but the inquiry remains in-house and there is no suggestion of any police involvement.

Thompson, 44, who joined the company from Bodog in February last year, promoted Fogarty as part of an overhaul of the department last September when moving him from his racecourse duties to the Rayners Lane headquarter to take up the horse racing product manager's role.

Simon French, an analyst with Panmure Gordon, described Thompson's sacking as "disappointing news" that "calls into question the structure of the business which moved away from a divisional approach to a competency and discipline based one some 12 months ago."

However French went on: "This cloud may have a silver lining if superior traders can be recruited. Any share price weakness should be viewed as an opportunity, and we reiterate our buy recommendation."