Matalan founder John Hargreaves has stepped down as chairman of the value retailer, less than 12 months after he took the business private.
Hargreaves, who founded Matalan in 1985 and took it private in a deal worth £817 million last December, has resigned for personal reasons according to the company.
Hargreaves’ long-term tax adviser John Mills has been named as his successor, but Hargreaves will continue to have involvement in the business.
Matalan chief executive Alistair McGeorge told The Observer newspaper that he “speaks to John regularly,” and added: “His decision to go is for personal reasons.”
Hargreaves’ estimated fortune stands at £550m.