Walden, the former boss of Home Retail and Argos, will join the business as chair-designate today. Incumbent Greg Hodder will step down after the business’ AGM in August and exit six months later after a handover period.

Majestic has also appointed the president of its US Naked Wines division, Nick Devlin, to the new position of group chief operating officer, a role he will fulfil from California.

The business reported rising full-year sales today but swung to a pre-tax loss of £8.5m compared to the £8.3m pre-tax profit it racked up the previous year.