Two Dreams directors will leave the beds specialist this week as the retailer adapts to a changing retail environment partly precipitated by the coronavirus outbreak.

Dreams chief marketing officer Tony Holdway and retail director Paul Owen will leave tomorrow, slimming down the board from seven people to five.

Dreams chief executive Mike Logue told Retail Week the pair’s amicable departures reflected ongoing changes in the retail industry, such as the shift to digital, which are being accelerated by the coronavirus pandemic.

Logue had been considering acquisitions and a big brand campaign was also planned including sponsorship around the now postponed Tokyo Olympics. Both are now off the table.

Logue said Holdway and Owen had “done a great job for us”. He said: “It’s partly to do with what’s happening now and it’s to do with the shape of the business going forward. Retail is changing, the move to digital is changing. We need to be nimble and come out of this in a different way and we need to invest in digital. I thought it was right to go down to a [leadership] team of five.

Holdway, who joined Dreams less than a year ago from pizza chain Domino’s, said his departure had “come as a bit of a shock” but was “understandable”.

He added: “Dreams is a strong brand and business. What this current lockdown shows is the financial challenges that wider retail faces when stores are closed. I’m looking forward to having a bit of a breather and then getting back to the brand marketing coalface as we hopefully come out the other side of all this soon.”

Dreams has furloughed 85% of its staff but is continuing to deliver to some customers, primarily key workers or people in special circumstances such as those leaving hospital. The retailer’s factory is also producing protective masks for employees.

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