The chief executive of Britain’s most successful independent wine retailer is stepping down after nearly two decades in charge.

Tim How plans to leave Majestic Wine later this year to spend more time with his family and pursue non-executive roles in the City.

Steve Lewis, the chief operating officer for the past two years, will take over. The shares eased 2p to 238p in early trading.

Mr How, 57, told Times Online: “I’ve had a good run.”

Mr How bought Wizard Wine from Bejam, the frozen food retailer, in 1989. Two years later Wizard bought Majestic and the operations were merged under the Majestic Wine Warehouse banner in 1992.

The company floated 12 years ago, since when the business has grown into a nationwide off-licence with 140 stores and annual revenues of more than £200 million.

It has thrived despite selling wine only by the case and fierce competition from supermarkets that has led to the collapse of rivals such as Unwins. Analysts have praised its strategy of bringing ‘new world’ wines to the UK and its focus on customer service.

“We have been planning this change for quite a while. Steve was put in two years ago with this mind," Mr How said.

“I’m just keen to spend a bit of time in north Norfolk, where we built a house last year, and to do a bit more non-executive work.

“I think we have got a fantastic team of talented people throughout the business.

“Looking back to the early 1990s, Majestic was well liked and admired in the south-east but unknown anywhere else in the UK. The challenge was to prove it would work everywhere. We have been able to do that and that is a real delight.

“The most successful thing has been that despite the growth and importance of the supermarkets we have been able to develop and build a strong business.”

Mr How, married with four children, left his position as non-executive chairman of Austin Reed, the menswear retailer, last year. He chairs Framlington AIM VCT, the investment house, and is governor of the Peabody Trust, the housing association.

Simon Burke, the chairman of Majestic, said: “Tim has led Majestic from a small loss-making chain to the most successful independent wine retailer in Britain.

“The board is delighted that Steve Lewis, Tim’s long-standing deputy and someone who has dedicated many years to building the Majestic business, has agreed to become chief executive upon Tim's retirement."

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