Netto UK managing director Richard Lancaster has resigned to join another retailer.

The’s discount grocer's property director, William Smith, will serve as interim MD until a successor is appointed.

Richard Lancaster has headed the Danish-owned value grocer’s UK operation since joining from Sainsbury's convenience business in January 2007.

In June Netto reported an 11 per cent increase in UK turnover to£696.4 million for the 12 months to December 31.

Netto International chairman Claus Juel-Jensen said: “I am sorry to see Richard leave but understand his reasons for moving on. I wish him every success in his new role and would like to thank him for his significant contribution over the last two years.”

Lancaster said he was not yet in a position to disclose which other retailer he will be joining.

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