Hargreaves will keep on being with the business in a new potential, offering strategic counsel to the board. His father John Hargreaves launched Matalan in 1985.

Steve Johnson, who not too long ago replaced John Mills as chairman, will lead the board as government chair from subsequent 7 days. He will do the job along with not too long ago appointed chief professional officer James Brown.

Hargreaves claimed: “After seven yrs at the helm now is the appropriate time for me to step down as the CEO into my new position. Delivering our buyers with the best benefit merchandise on trend and household is our heartland and re-developing this below my management has been a enormous achievement.

“The board, below Steve’s management, are now set up to continue this journey and the latest addition of James Brown as our new chief professional officer will present the management on the investing flooring to make certain we continue to expand from the robust base we have these days.

“I am immensely proud of the lifestyle I have designed, 1 the place each and every member of the group has a voice, is valued similarly and is effective tirelessly to produce for the Matalan buyer. I would like to thank all the Matalan family for all their dedication in the course of this time.”

The chief government claimed in July that Covid-19 was the “biggest obstacle ever” for the sector as overall profits dropped 72% at Matalan to £75.3m for the 13 months to thirty May, in comparison with the exact interval the calendar year ahead of.