The Hut’s finance director has exited the online retailer after it scrapped plans for a flotation this year.

Paul Meehan, who joined The Hut a year ago, has left the business, according to The Independent.

It is thought Meehan wanted to be the financial head of a public company and has quit now The Hut has ditched plans to float on the stock market.

Investors in the business include former Tesco boss Sir Terry Leahy; Sir Stuart Rose, the former chairman of Marks & Spencer; former Tesco clothing executive Terry Green;  and Angus Monro, who previously ran Matalan and is the chairman of The Hut.

The Hut sells a range of products covering entertainment, fashion and health and beauty. It also operates website for retailers including Argos and WHSmith.

Despite scrapping plans for as float, due to volatile economic headwinds, the Hut continues to grow, and is understood to have received a further injection of about £5m this month, to help it make overseas online acquisitions.