Poundland stablemate Pep&Co’s managing director Adrian Mountford and trading director Cathy Haydon have both quit the value fashion retailer, Retail Week can reveal.

According to an internal memo seen by Retail Week, both Mountford and Haydon independently decided to exit the retailer in November and will stay in their roles until May, when the current tranche of Poundland shop-in-shop openings is complete.

Retail Week understands that Mountford and Haydon’s decisions to exit the business are not related to owner Steinhoff’s ongoing accounting scandal, which was unearthed in December.

Pep&Co said searches for a new managing director and trading director were both ongoing, with announcements expected in the coming weeks.

A source close to the situation told Retail Week that neither Mountford nor Haydon have new roles lined up.

Mountford and Haydon have been with Pep&Co for nearly four years and have driven its rapid expansion. The value fashion operator has opened more than 170 standalone stores and concessions since 2015.

By the end of this year, Pep&Co aims to have over 300 outlets across the UK, Ireland, Spain and France, the bulk of which will be shop-in-shops within Poundland and Dealz stores.

Prior to joining Pep&Co, Mountford was commercial director at Matalan, and previously held roles at BHS and as Sainsbury’s general merchandise director.

Haydon joined Pep&Co from Marks & Spencer, where she was head of merchandising, and has also held senior roles at Tesco and BHS.

Pep&Co parent company Pepkor’s chief operating officer Sean Cardinaal said in an internal note to staff: “It goes without saying we’ll miss them both, but I also know we’ll continue to grow as we become a fashion retailer [and] not skip a beat.

“We’re working hard on the right leadership for our next phase of growth and you have my commitment that as soon as I’m able to share details of that, I will.

“There’ll be plenty of time to say our goodbyes to both Adrian and Cathy – today I just want to say thank you for their contribution and for helping make Pep&Co what it is today and inspiring us with what it’s going to become.”