Hargreaves will continue being with the business in a new ability, giving strategic counsel to the board. His father John Hargreaves started Matalan in 1985.

Steve Johnson, who a short while ago changed John Mills as chairman, will guide the board as govt chair from next week. He will function along with a short while ago appointed main industrial officer James Brown.

Hargreaves mentioned: “After seven decades at the helm now is the ideal time for me to action down as the CEO into my new position. Offering our shoppers with the greatest worth products on trend and home is our heartland and re-establishing this below my management has been a substantial achievement.

“The board, below Steve’s management, are now set up to continue on this journey and the recent addition of James Brown as our new main industrial officer will present the management on the buying and selling flooring to assure we continue on to expand from the strong base we have currently.

“I am immensely very pleased of the culture I have established, a single wherever just about every member of the team has a voice, is valued equally and operates tirelessly to produce for the Matalan buyer. I would like to thank all the Matalan household for all their dedication throughout this time.”

The main govt mentioned in July that Covid-19 was the “biggest problem ever” for the sector as complete income dropped seventy two% at Matalan to £75.3m for the thirteen months to thirty May possibly, compared with the exact same period the calendar year prior to.