Fashion chief axed after profits plunge

ANGELA Spindler, chief executive of Simply Be owner N Brown, has been forced out by the board amid a rocky period for the retailer.

The 56-year-old ( pictured) is set to step down after the group she led for five years closed its 20 stores, putting the jobs of 270 staff at risk. It comes after Tesco’s former UK boss Matt Davies joined as chairman in June. N Brown also owns chains Jacamo and JD Williams.

Profits plunged 72pc last year to £16.2m after it had to pay £40m compensation to customers over flawed insurance products. And at the AGM last month, almost 16pc of shareholders opposed Spindler’s pay – she got £1.2m last year, compared with £1.4m a year earlier. Shares fell 4.4pc, or 7p, to 152.1p.

Davies said: ‘Now is an appropriate time to search for a leader who can take the business forward.’