One half of the family behind value chain Wilko has sold its 50% stake to the other, as joint chairman Karin Swann has left the board.

Swann and her husband Peter, who is chairman of Scunthorpe United FC, have sold their share of the business - which was known as Wilkinson until recently - to the other side of the Wilkinson family led by Lisa Wilkinson, who is the sole chairman.

Now one side of the family owns the whole business, according to the Telegraph. It represents a major transformation of the company which was founded in 1930 by James Kemsey Wilkinson.

Sources close to the retailer insisted the family has not fallen out, but that Swann’s side of the family wanted to pursue “other business interests”.

Wilkinson is likely to have been valued in excess of £500m in the deal. It posted sales of £1.53bn and pre-tax profits of £27.5m last year.

Karin Swann and Lisa Wilkinson are the third generation of the family to take the helm at the retailer, which has 372 stores.

A spokesman for the firm said: “The change is not expected to affect customers, team members, suppliers or advisers in any way.”

Wilkinson added that it has restructured the business to a more corporate structure. It has put a holding company in place under the name Wilkinson Hardware Stores, and will trade through Wilko Retail.