Theo Fennell, the designer, has returned to the eponymous jewellery business he established in a reshuffle that will see his co-founder step down.

The company, whose customers include the Beckhams and Elton John, announced today that Mr Fennell had returned as creative director, more than a year after he left the luxury jeweller.

His return comes three months after Barbara Snoad was re-appointed as chief executive. Mr Fennell left the company a few months after Ms Snoad was originally replaced in the role by Pamela Harper.

Richard Northcott, who co-founded the company with Mr Fennell in 1982, announced today that he would leave the business, to be replaced by Rupert Hambro, a member of the banking family and former Hamleys chairman.

Mr Hambro, along with Alasdair Hadden-Paton, a hotelier, now controls 29.9 per cent of the company.

Mr Fennell said: “I am really pleased to be returning to the business that I founded and have great plans for its future. The coming months will see the launch of new collections and some very original designs.”

The old Etonian also increased his stake in the Aim-listed business to 19 per cent from 15 per cent.

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