McColl's longtime CEO Lancaster steps down

Convenience store chain McColl’s Retail Group has begun the search for a new chief executive after veteran chief executive James Lancaster decided to step down and accept the role of non-executive chairman.

The company said at the time of its London full-list flotation in February 2014 that Lancaster would retire within two years.

Lancaster, who will stay as chairman until April 2017, said the company had been transformed through the two management buy-outs and numerous acquisitions he had overseen, to now posses a strong market position and an estate of 887 stores.

"With our goal of 1000 convenience stores now well in sight, I believe the time is right for me to step down as chief executive."

Sharon Brown will remain interim chairman until Lancaster takes up his new role.