Potts has waived a £598,000 payment from his £1.6m bonus pot, while Strain is giving up £437,000 of his £1.3m bonus.

Both had personal targets related to the launch of new premium products and opening stores. They made the decision to hand back the bonuses after “taking into consideration the overall performance of the group”.

The duo also turned down a fifth of the main part of their bonuses linked to financial performance, after admitting profits from its wholesale, services and online divisions had not increased as much as hoped.

Despite the move, Potts still took home a £4.6m package last year – the same as Tesco boss Dave Lewis.