On Thursday morning Mr Regan stepped down as a director of Select Catalogues, the mail-order business owned by the Naafi and Lanica Trust.
"He has got so much else on his plate at the moment," said a Lanica spokesman. "Lanica retains the right in future to put a non-executive on the board."
Mr Regan has been involved in settling litigation launched by the Co- operative Wholesale Society. He is also involved in a Serious Fraud Office inquiry into a pounds 2.4m payment two years ago supposedly made to secure a contract with the Co-op for his then company Hobson plc.
Lanica is Mr Regan's quoted vehicle which was involved in the failed Co-op takeover approach and whose shares are currently suspended. It owns 55 per cent of Select, recently launched to revive the Naafi's old mail-order business. The Naafi has 30 per cent and the balance is held by Ian Ryden, former sales and marketing director at Hobson.
Lanica's investment in Select was only pounds 150,000 but is its largest now the Co-op deal has collapsed. It is potentially worth a multiple of that amount. Select has exclusive rights to market to servicemen and their families on military bases across the world.
Mr Regan's departure follows a meeting with Martin Bunting, chairman of Select and also of Bluebird Toys, whose shares lost a third of their value after the company issued a profits warning last week.
Speaking before Mr Regan's resignation, Mr Bunting said: "Mr Regan has been accused of various things ... there needs to be a meeting between him and the Naafi to review the situation."
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