Dwell founder Aamir Ahmad steps down as managing director

The position has been filled by Rebecca Cotterell, former chief executive of Adams Childrenswear and the British Shoe Corporation.

Ahmad retains significant interest in the business.

He said: “Following our recent expansion and with further equity investment coming into the group, now seemed like a good time to hand over the reins.

“Dwell has achieved much over the last two years despite the difficult market conditions, and I am convinced that the brand is well placed for continued growth.”

Ahmad’s departure follows that of chairman Neil McCausland, who, it has emerged, left Dwell “a couple of months ago to take on new opportunities,” a Dwell spokeswoman said.

It is understood Dwell postponed a search for a new chairman until Cotterell was appointed.

Private equity firm Key Capital Partners is a key investor alongside Ahmad, after ploughing £5m into the firm in 2010.

The retailer said Key Capital will “continue to support the business and have committed substantial new investment as part of their ongoing work, and to ensure the long term future of the company”.

The change in leadership follows the appointment of Dwell’s first multichannel boss Peter McKenna who joined in August who is expected to bolster its digital operations.