One of the co-founders of Ann Summers, Ralph Gold, has retired from the retailer's parent company Gold Group International and sold his stake to his brother David Gold.

Ann Summers’ pre-tax profits more than trebled in the year to June 30, 2007, growing to£6.9 million from£1.5 million for the same period the previous year. Turnover for the lingerie and sex toy retailer rose by£2 million to£112.8 million for the period.

Chief executive Jacqueline Gold said the retailer would continue to invest in its multichannel strategy with a new-look web site expected this spring.

Gold Group’s pre-tax profits climbed 25 per cent to£13.4 million for the same period.