Liberty, the Regent Street department store controlled by Marylebone Warwick Balfour, has lost its chief executive.

The company said this afternoon that Iain Renwick had left ‘with immediate effect’. It added: ‘A new chief executive has been identified and negotiations are at an advanced stage’.

Renwick has been running the retail group for the last four and half years and has overseen it's transformation from heavy losses into near break-even.

Liberty chairman and MWB chief executive Richard Balfour-Lynn said: In future, the company's focus will be on the expansion of its Liberty of London luxury brand which requires a different approach and style of leadership’.