Argos owner's chairman to step down

The chairman of Home Retail Group is stepping down after a period of falling profits and sales at the owner of Argos and Homebase.

Oliver Stocken, who has worked with the two businesses for 12 years, will exit in July from Home Retail, which is expected to have suffered a 61 per cent fall in profits to £99m for the year to 25 February. He will be replaced by John Coombe, the senior independent director.

Shares in Home Retail Group fell by 1.6p to 112p.