The chief executive of Majestic Wine, Steve Lewis, is to retire with immediate effect with finance director Nigel Alldritt stepping in until a permanent replacement has been found.

The company said that it requires “leadership commitment and continuity” at what is a crucial stage of its development and with Mr Lewis having already served 29 years in the business, six of which have been spent as chief executive, the board has decided that now is the best time to clarify the timing of his succession.

In a statement, Majestic Wine chairman Phil Wrigley said: "Steve has made a huge contribution to Majestic Wine during his time with the business. By combining his significant leadership and retailing skills with his determination, dedication and sheer hard work he successfully rose through the ranks from graduate trainee manager in our Clapham store to chief executive.

“He took the helm in 2008 in the midst of the credit crunch and subsequent recession and successfully steered the business through very difficult times. He leaves the business today in good shape, with sales up 41% and profit up 42% during his time as chief executive, and with the business well positioned for the next phase of its development. On behalf of the board and all our colleagues at Majestic, I thank Steve for his outstanding contribution to the company and I wish him well."