The head of finance at department store chain Debenhams, Simon Herrick, has left the business following a warning that profits were likely to drop by as much as 26%. Earlier in the Christmas period, the chain wrote to suppliers asking them to drop their prices in what has been dubbed the 'Santa Tax' letter.

The chain said that a replacement chief financial officer was underway.

Michael Sharp, Chief Executive of Debenhams, said:  "On behalf of the board, I would like to thank Simon for his hard work and contribution over the past two years.  We wish him well in the future."