Moss Bros hires Joules CEO as new chairman

Porter has been appointed as a non-executive director with immediate effect and is due to become chairman following the company's annual general meeting in May, when Debbie Hewitt retires.

Porter, who has been at Joules since 2010, led the development of the business through a successful international multichannel strategy, growing both sales and profits. He oversaw the IPO on AIM in May 2016 and has since continued to create "substantial shareholder value", Moss Bros said.

Prior to his role at Joules, he held various senior management roles in the retail sector.

Hewitt said: "I am delighted to have delivered on my commitment to provide a strong successor and well planned transition. As well as his proven multi-channel experience, Colin brings broad strategic, international, retailing skills, within a private and listed board environment.

"I am sure that he will bring strong leadership to our board and all of the skills required for the next stage in our development. We look forward very much to welcoming him."

Peel Hunt said: "Colin has overseen many years of growth at Joules from well before IPO to date and represents a good appointment in our view."

At 1050 GMT, the shares were up 5.4% at 24.72p.