Ideal Shopping Direct chief executive Andrew Fryatt is to step down tomorrow.

The company has begun searching for a new chief executive but a replacement has yet to be found.

In the interim period senior management will report to chairman David Williams, who will assume executive responsibilities.

The TV shopping retailer would not reveal why Fryatt was leaving or what he intends to do after leaving the business.

Fryatt joined the board in November 2004 and was appointed chief executive in September 2005.

Last month the company issued a profit warning as a slowdown in consumer spending took average customer spend down 4 per cent. Full-year pre-tax profit is now not expected to exceed£6.3 million.

In September Ideal Shopping Direct revealed it would test a short-term credit offer to encourage customers to spend through the credit crunch.

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