Having played a key part in the firm’s diversification and growth, Danny O’Neil told The Herald that he had worked with the board on implementing the firm’s furloughing of employees amid the coronavirus crisis prior to his departure.

GAP has furloughed about 1,065 of its near-1,800-strong workforce amid the coronavirus lockdown implemented to slow the spread of COVID-19.

A financial services industry veteran who was formerly chief executive of Glasgow-based Britannic Asset Management, Mr O’Neil said that he had known for the last year to 18 months that he was moving towards retirement. He noted that, once the company had got through the implementation of its COVID-19 response, there had been a hiatus, which had meant it was a good time to leave.

He said: “It is very amicable. For the board, they are both happy for me and sad to see me go.”

Last year, GAP posted record annual profits and turnover of £200 million and celebrated its 50th year in business this year.