Monsoon chief executive stands down, will not be replaced

Allen’s departure follows a tough trading period for the fashion group, which also owns the Accessorize fascia, leading to a CVA in June designed to put it back on track for profitability.

Allen decided to leave the business after six years there, first as finance director and then as chief executive. The retailer paid tribute to his contribution “through both good times and more difficult times”.

Monsoon does not intend to directly replace Allen. Founder and chair Peter Simon, along with chief operating officer Nick Stowe, will run the business between them.

Simon said: “I would like to personally thank [Paul Allen] for his contribution and wish him well for the future.”

Simon founded Monsoon from a Portobello Market stall in 1973 and it floated in 1998. Simon subsequently took the retailer private in 2007.

Like other fashion groups, Monsoon has suffered in tough trading conditions. Creditors agreed CVA terms in June, opening the door to rent reductions at about half of its shops.

Monsoon Accessorize’s CVA has been passed by its creditors, paving the way for hefty rent reductions at around half of its stores.

Of the retailer’s 258 branches, 135 won rent cuts of between 25% and 65% for up to three years.

In return for passing the CVA, Monsoon offered creditors the opportunity to take part in a £10m annual profit-sharing scheme, assuming a return to sufficient profitability.