Skip to content
Search

Latest Stories

Primark chief Paul Marchant steps down after misconduct probe

The company said Marchant had acknowledged that his actions did not meet the expected standards. AB Foods CEO George Weston said he was "immensely disappointed."

Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.


The company said Marchant had acknowledged that his actions did not meet the expected standards. AB Foods CEO George Weston said he was "immensely disappointed."

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States.

He also increased operating profit from about 250 million pounds to over a billion pounds.

Primark, which has a strong presence on British high streets, contributes nearly half of AB Foods' overall profit. The company also operates in the grocery, sugar, agriculture, and ingredients sectors.

AB Foods' shares were down 4 per cent on Monday morning.

"I am immensely disappointed. At ABF, we believe that high standards of integrity are essential," Weston said. "Acting responsibly is the only way to build and manage a business over the long term. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual."

AB Foods stated that Marchant's resignation followed an investigation led by external lawyers into an allegation made against him.

The company said he cooperated with the investigation, acknowledged his mistake, and accepted that his actions fell short of company standards.

Marchant apologised to the individual involved, the company’s board, and his colleagues at Primark and AB Foods. The company said it would continue to support the individual who raised the concern.

Eoin Tonge, AB Foods' finance director, will serve as interim CEO of Primark, working alongside the senior management team and Primark’s Strategic Advisory Board.

Joana Edwards, AB Foods' financial controller, will take over as interim finance director.

Shore Capital analyst Clive Black said Marchant’s departure was "very disappointing" for Primark and AB Foods, where he had overseen significant growth.

Analysts at Barclays noted that leading Primark was one of the most prominent roles in UK retail and would likely attract strong interest from potential candidates.

"But we don't think Primark are in a rush to fill the void until they find the right person to take charge," they said.

AB Foods, which lowered its annual sales forecast for Primark in January, is set to release its first-half results on April 29.

(With inputs from Reuters)

More For You

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less