The chief executive of Topshop and Topman is set to leave the company at the end of December for "personal reasons", the company has said.

Arcadia Group owner Sir Philip Green confirmed that current chief Paul Price will leave at the end of year to relocate back to America for personal reasons.

The retail tycoon said the decision had nothing to do with performance and he is leaving in "amicable" circumstances.

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It is understood that Arcadia chief executive Ian Grabiner will lead operations across the two brands following Mr Price's departure.

In a statement, Arcadia said: "After two years as Topshop Topman CEO, Paul Price has made the decision to re-locate back to the USA and will be leaving the business at the end of December 2019."

It is understood that Arcadia chief executive Ian Grabiner will lead operations across the two brands following Mr Price's departure.

McColl's has warned profits for the year are set to miss forecasts on the back of poor weather and declining consumer confidence.

The retailer said its earnings before tax and interest for the year to November 24 are expected to be £32 million, which it said is "marginally below expectations".

It said profitability was dented by "softer market conditions" in the second half of the year as it was impacted by poor summer weather and weaker consumer confidence.

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Chief executive Jonathan Miller said 2019 was a "challenging year" for the company, after seeing its share value fall by 38% in the past 12 months.

The company said it has seen total revenues slide 1.9% over the full year, driven by the divestment of some sites.

It said like-for-like sales were flat against the previous year, reflecting an improvement on a 1.4% like-for-like sales decline from 2018.

The firm has also made "progress" in its debt reduction programme, reducing net debt to £94.1 million from £98.6 million a year earlier.

McColl's said it has also strengthened its leadership team over the year, with the appointment of Robbie Bell as chief financial officer and Robert Crampton as chief commercial officer.

Mr Miller said: "We are confident in our plans to rebuild momentum in 2020 and look forward to providing a fuller strategy update at our preliminary results in February."

Shares in the company slipped 4.3% to 39.58p in early trading on Tuesday.

Britain's economy has suffered its worst three months for more than a decade after official figures revealed output failed to grow once again in October.

The Office for National Statistics (ONS) said the economy saw zero growth month-on-month in October, following two months of declining gross domestic product (GDP).

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This marks the first time the economy has failed to grow for three months in a row since early 2009 amid the recession following the financial crisis.

The ONS data also showed the economy grew by just 0.7% year-on-year in October - the worst such performance since June 2012.

On a rolling three-month basis - seen as less volatile than the monthly data - the ONS said growth also stagnated in October, down from 0.3% growth between July and September.

It offers a weak backdrop for the economy ahead of Thursday's General Election day and also sees a dismal start for the final quarter of 2019.