Middelhoff, who is a special adviser to Polestar’s former owner Investcorp, stepped down from the group board in September last year, shortly before the firm completed a debt-for-equity swap that cost Investcorp its entire equity interest in the group.

A spokeswoman for Polestar said: “He stepped down due to a conflict of interest during the refinancing.”

Middelhoff is now set to return to the company he first joined in July 2004. Polestar said that his second term as chairman will commence in June.

Chief executive Barry Hibbert said: “We are delighted to welcome Thomas back to Polestar and look forward to benefiting once again from his extensive experience.”

Polestar has also announced the departure of group finance director Peter Johnston, who is set to leave the company this autumn.

Hibbert praised Johnston for steering the group to a position of financial stability.