09 October 2012 10:53
Kevin Stanford has been ousted as chairman of All Saints, the high street store he founded in 1994, by the private equity chain which rescued the firm from administration last year.
The move follows a bitter fallout between Mr Stanford and Lion Capital over the value of Mr Stanford's 15% stake in the business.
A spokesman for Mr Stanford said that the entrepreneur had "legitimate concerns about the way that All Saints has been managed since the involvement of Lion".
Mr Stanford also founded the Karen Millen chain and had a quarter-share in luxury goods firm Mulberry, but lost a considerable part of his empire during the Icelandic banking crash of 2008.