Finance director quits as The Hut ditches float

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The Independent Online

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.