Bell has held positions at Coutts Retail Communications, Magnet and, until recently, investment and management services company, Writtle Holdings.

Commenting on his departure from Magnet Harlequin, Bell said: "Following a review and restructure commencing when I joined in 2006, we achieved solid financial progress while many conventional market leaders have been less fortunate.

"In addition, we successfully repurposed a significant legacy cost centre, the technology support department, into a successful standalone technology subsidiary – Maglabs – further enhancing both profits and value."

Bell said that he wished his Writtle Holdings colleagues well, in addition to his former colleagues from his time as chief executive of Coutts Retail Communications who he said had been able to "achieve thoroughly deserved equity participation in their businesses through the Writtle network and model".

Earlier this year, Magnet Harlequin made its digital division Maglabs a wholly owned subsidiary of the company.