Thresher's chief executive is to stand down. Terra Firma Capital Partners, the private equity firm that owns the drinks retailer, confirmed that David Williams will leave as chief executive and a replacement was being sought.

Terra Firma has ruled out the possibility of a flotation of the business as a result of Williams' departure. Speaking to Reuters, a spokesman for the equity firm said: "There's no immediate intention to exit the company, whether by float or any other way. An exit is not being worked on at the moment."

The spokesman added that Terra Firma typically operates on a five- to seven-year investment timeframe.

Thresher made no further comment on Williams' departure.