The former boss of Tesco Direct has been appointed chief executive of e-tailer M and M Direct, as management secured a £90 million buy-out of the business.

Steve Robinson is taking over as chief executive from Mike Tomkins, who has led the online sportswear and fashion retailer since management acquired the business in 2004 with backing from private equity firm ECI Partners.

Yesterday, TA Associates, which owns UK financial giant Jupiter Asset Management, bought the business from its management and ECI for about£90 million.

Founded in 1987, M and M Direct specialises in purchasing end-of-line clearance stock from major brands and selling those products at substantial discounts.

Robinson, who left his position as chief executive of Tesco's Direct non-food catalogue and web business in the summer, is one of several senior directors to have left Tesco in the past few months.

Topics