Wormwell, who is chief executive, is to pursue a non-executive career, although a spokesperson for the company said this would not include a role at Shearings. A search for a successor is underway, with Wormwell’s deputy Gary Speakman taking the reins until then.

Wormwell joined the business almost a decade ago and led the management buyout from venture capitalists 3i in 2014 and the subsequent sale to Lone Star Funds earlier this year.

Earlier this year, the Group announced its third successive year of growth in revenues, profits and passenger numbers on the back of strong demand for UK holidays. It said trading in the current financial year was also ahead of last year.

Wormwell said: “I have thoroughly enjoyed my time with Shearings and it has been a privilege to work with such an experienced and talented team. I am proud of the achievements and progress we have made together. However, nine years is a long time as CEO and I feel I have personally achieved everything that I set out to do. I am delighted to be leaving the role with the business in a strong position.

"The past months have seen us working alongside our new shareholders to outline the growth strategy going forward and now is the perfect time to hand over the leadership baton for my successor to take it on to the next stage. I am looking forward to embarking on a non executive career, adding to the two non-executive positions I hold already, and watching from the sidelines the exciting next stage of the Shearings journey."

Grant Hearn, chairman of Shearings Leisure Group, added: “Denis has made an enormous contribution to the Group over the last decade, repositioning its offering to attract a wider and younger customer and driving consistently strong, profitable growth across the business. We wish him every success for the future.”