Harris pledge on dual role

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SIR Philip Harris, the carpet tycoon, has told City institutions that he will appoint a non-executive chairman at his retailing group Carpetright within two years.

The move comes after criticism because Sir Philip combined the roles of chairman and chief executive shortly before Carpetright announced its flotation last month. The prospectus for the float is to be published on Tuesday and will value the company at pounds 110m. This is towards the top end of market estimates and represents a demanding multiple of 22 times the after-tax earnings in the year just ended.

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