Ann Summers co-founder steps back from business

Ann Summers: Ralph Gold co-founded the lingerie business

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Ralph Gold, one of the co-founders of Ann Summers, has stepped down from the day-to-day running of Gold Group International, the chain's parent company.

Gold has disposed of his stake to his brother David, according to a report in The Daily Telegraph newspaper. 

Details of Ralph Gold's retirement are contained in the group's most recent financial results which have been filed with Companies House. Ralph Gold left the company in December after working with his brother for 50 years.

Pre-tax profit at Gold Group rose by 25% to £13.4 million over the year to June 30, 2007. Pre-tax profit at its Ann Summers and Knickerbox chains doubled to £3m on sales of £117.3m.

David Gold, Gold Group's chairman, is now sole owner of the company.