A MULTI-millionaire who started out as a market trader in Wellington before establishing one of biggest names in high street fashion has announced his retirement.

Tom Singh, 69, is stepping down from the board of New Look after the company completed a £1.3billion debt refinancing exercise last month as part of its turnaround plans.

Mr Singh, who attended Wellington School, initially sold clothing items from a market stall in Wellington before opening his first unit in Taunton in 1969.

Over the years New Look has grown and now operates out of almost 400 stores.

Mr Singh, who regularly features in the region's 'rich list', said: "I am incredibly proud of all that we have achieved at New Look over the past 50 years."

Executive chairman Alistair McGeorge, praised Mr Singh's "immense contribution to New Look over the past 50 years", adding: "His vision in pioneering 'fast fashion' has supported New Look's growth from a single shop into a leader in the womenswear market."

Mr Singh's retirement comes after New Look appointed former House of Fraser boss Nigel Oddy as chief operating officer.