Tim How is to step down as chief executive of drinks retailer Majestic Wine after nearly 20 years of service.

How, aged 57, will retire within the next year. He will be replaced by Steve Lewis, currently chief operating officer.

Lewis, aged 44, joined Majestic in 1985 as a graduate trainee manager. He became retail director in 1991 and was appointed to the board of the company in 1998.

Chairman Simon Burke said: 'Tim How has led Majestic from a small loss-making chain to the most successful independent wine retailer in Britain. Along the way he has created tremendous value for shareholders, acquired a loyal and dedicated customer following, and built a highly professional retail and management team.

'He has been a truly great Chief Executive and we all owe him a huge debt of gratitude. We wish him a long, happy and prosperous retirement.'

Shares in Majestic were unchanged on the news at 240p.