Poundstretcher boss Richard Kirk has quit after just 12 weeks in the role.

The former Peacocks chief executive is believed to have walked out following a row over which direction the 400-strong discounter chain should pursue.

His departure means Poundstretcher has now had five CEOs in the past six years.

News of the dramatic exit completes a turbulent summer for the 66-year old Kirk. In June he was sued for £3m by his ex-wife Barbara, after she claimed he convinced her to invest in a  ‘Ponzi’ scheme involving AIDS drugs for Africa.