The handover will take place on 8 September as dealing starts on JSG’s open offer of up to 49,945,035 ordinary shares at 20p per share, which has been launched to raise up to £10,000,000.

The Johnson Group has seen share value plunge over the year but has undergone a restructuring over the last seven months, including a £30m placing to cut debt.

In a statement, the company explained that the group now comprises three market-leading divisions each led by strong management. Following successful refinancing, the board has decided that an executive chairman should now lead the group.

Simon Sherrard said: “I leave the group in very capable hands with a very strong management team led by John Talbot. I would like to wish John, the board and the company every success in the future.”