The Range chief executive Nigel Oddy is to leave the value retailer little more than a year after joining, Retail Week can reveal.

Oddy’s departure is understood to be on amicable terms and by mutual agreement with The Range’s founder, entrepreneur Chris Dawson.

It follows Dawson’s decision not to pursue a sale or float of the retailer, which last year generated sales of £869m.

Oddy, who ran department store group House of Fraser before taking up his role at The Range in 2017, was brought on board as Dawson, dubbed ‘Plymouth’s deluxe Del Boy’, considered future options including an IPO. The move could have valued the retailer at as much as £2bn.

However, profits fell 22% last year to £42.6m after the weakness of sterling hit performance. Dawson paid himself a £14m dividend, which was £86m lower than in the previous year.

Oddy is thought to have been brought on board to tighten up disciplines to enhance its appeal to potential investors.

But Dawson said earlier this month that a float would not proceed at the moment because of “crap” market conditions.

The Range is instead focusing on a variety of growth initiatives.

It continues to add stores to its 150-strong estate and sees an opportunity to build a much bigger ecommerce business.

It also recently struck a deal with Iceland to open pilot store-in-stores in The Range. They will be rolled out if successful.