Findus Group chief executive Chris Britton is to step down at the end of the year. Britton has led the frozen food giant since June 2009 but will head for the exits on 31 December.

News of his departure comes after Findus and its bankers last week agreed a major restructuring resulting in a £220m cash injection for the frozen and seafood group.

“I have led a great business through a critical phase in its development and I’m proud of what we’ve achieved,” Britton said.

“Findus has leading market share positions and with stability, fundamental drivers in each business, a new capital structure, dedicated, passionate and energetic employees and very supportive shareholders, the business can go forward with confidence.

“I now believe it is the right time for me to leave and my successor to guide Findus through its next exciting phase of development.”

Britton said he would work closely with the company to ensure a smooth transition. The search for his successor has already begun.

Findus owns the Young’s Seafood brand and has annual revenues of £1bn, boasting a 40% share of the UK chilled and frozen seafood market.