Finance director quits as The Hut ditches float

The finance director of The Hut, which is backed by some of retail's biggest stars, has quit the online retailer abruptly after it ditched plans for a flotation this year.

Paul Meehan, who only joined The Hut a year ago, has left after his ambition of being the financial head of a public company were dashed by the volatile stock market conditions.

The postponement is a blow to the online specialist's register of millionaire investors which reads like a Who's Who of UK retail over recent decades. These include Sir Terry Leahy, the former chief executive of Tesco, Sir Stuart Rose, the former chairman of Marks & Spencer, and Terry Green, the ex-boss of Debenhams.