Currently deputy chairman, Allvey joined the Board on 1 November 2001 and is currently chairman of the Audit Committee. He is also chairman of Arena Coventry as well as a nonexecutive director of Intertek, Resolution, Thomas Cook Group  and William Hill.

The board also expects to announce in due course the appointment of a new non-executive director who will succeed Allvey as chairman of the Audit Committee.

Jeffries has decided to retire having overseen asignificant period in the Group’s development culminating in the appointment of a new management team to take the business forward, a recent successful fund raising and the announcement of the intention to return to the dividend list.