Tim How has confirmed he is to retire as chief executive of Majestic Wine on 8 August, to be replaced by Steve Lewis.

How, 56, has headed Britain's biggest independent wine specialist for almost two decades. He said he hoped to build a portfolio of non-executive directorships, spend more time sailing and take 'the odd Friday off'.

Lewis, currently Majestic's chief operating officer, joined the company as a trainee in 1985.

When Majestic first announced How's impending departure, it told investors Lewis would not make a radical shift in strategy. Instead, the company would "continue to do what we do well".