CARPETRIGHT boss Lord Harris of Peckham has called time on more than 50 years in the carpet trade by announcing he is to leave the business he founded 26 years ago.

The floor coverings retailer said it has appointed Mitchells & Butlers chairman Bob Ivell as Lord Harris's replacement as chairman from November 1.

The Tory peer has tried to leave the business before but last year had to return to the day-to-day running of the group after chief executive Darren Shapland departed in the wake of a shock profits warning.

But since then the retailer, which runs 463 UK stores, has seen new chief executive Wilf Walsh take up his post, having joined in July from central European betting firm Fortuna Entertainment.

Lord Harris said: "I am delighted we have found a very able and experienced chairman who brings tremendous skills and experience from his previous executive and non-executive roles.

"After 57 years in the carpet business, it is time for me to focus on my other interests and I retire from the board confident that I leave behind a strong leadership team."

The company was founded in 1988 with a single outlet in Canning Town, east London, and was floated on the London Stock Exchange five years later. It also trades from 141 stores in Ireland, Belgium and the Netherlands.

The firm posted a £7.2m loss last year, on top of £5.1m the year before and partly dragged down by weak trading at its European operations.

But last week the group said in a second quarter update that UK like-for-like sales lifted 7 per cent in the 11 weeks to October 11 while total revenues, including changes to store space, rose 5.7 per cent.

Mr Walsh said: "On behalf of everyone at Carpetright I would like to thank Lord Harris for the huge contribution he has made since founding the business in 1988 and in developing it into the UK market leader. We wish him the very best in his retirement."

Mr Ivell added: "I am looking forward to working with the board as we seek to drive a sustained recovery in profitability and to build on the strong legacy being left by Lord Harris."