Ivel, who has been finance and IT director for seven years, will oversee the day-to-day running of the group and will report to Costcutter founder and now executive chairman Colin Graves, who will continue to spearhead and develop the business.

Graves commented: "This appointment secures future stability for both Costcutter head office and its retailers. Nick's solid determination to move the group forward is demonstrated by the company's impressive results over recent years. He is the ideal managing director to maintain our position at the top of symbol group retailing."

The other main board directors, Angela Barber and David Thompson, remain responsible for trading and marketing, and sales functions, respectively. Former Co-operative Group food retail chief Malcolm Hepworth also recently joined as a non executive director.

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