The chief executive of high street retailer Monsoon Accessorize has quit, a month after it confirmed major restructuring plans.

The company, which runs both the Monsoon and Accessorize fashion brands, confirmed that Paul Allen has stepped down from his role leading the group.

Mr Allen has left the retailer after six years, after he initially joined the firm as finance director before promotion to the top job in 2015.

The company said he "played a major part in the business over the last few years through both good times and more difficult times".

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Peter Simon, founder of the fashion business, said: "I would like to personally thank him for his contribution and wish him well for the future."

Most recently, Mr Allen led the company through a major restructuring which saw Monsoon Accessorize secure rent cuts to reduce its costs.

Wealth manager Tilney has confirmed it is in merger talks with rival Smith & Williamson.

The move would bring together two of the UK's biggest wealth management firms, creating a business with revenues of almost £500 million and assets under management of more than £45 billion.

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The two firms are in exclusive talks following months of discussions regarding a deal.

It comes two years after Smith & Williamson held unsuccessful merger talks with other wealth manager Rathbones.

A spokesman for Tilney said: "These discussions are ongoing and there can be no certainty that a transaction will proceed.

"A further announcement will be made as and when appropriate."

Sainsbury's shares have risen after the supermarket giant shrugged off reports that it is seeking to replace its chief Mike Coupe.

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Shares in the retailer moved higher in trading on Monday after it rejected claims that it has earmarked possible internal candidates to replace the chief executive.

Mr Coupe, who has been at the helm since 2014, has come under significant pressure from shareholders after leading the retailer's failed merger with rival Asda.

However, he was overwhelmingly re-elected at the company's annual general meeting last month.

A Sainsbury's spokesman said: "We are not talking to internal candidates about succession planning for Mike and have been clear he has the full support of shareholders and the board."

Shares in the company were 4.2% higher at 190.2p on Monday.