Stefani, who resigned on 11 March, said: "I was put in a position where I felt the only solution was to resign. I wish all the team at RedTie the very best."

Stefani has been replaced by Jamie Thomson, who is the son of RedTie’s sole shareholder and has a background in finance as well as management in the manufacturing sector.

Thomson, who was most recently managing director of Norwegian construction equipment manufacturer Moxy Engineering, holds a number of executive and non-executive directorships on the boards of companies his family has equity in.

He said that it was "very much business as usual at RedTie" and that his appointment as managing director would definitely be for the near- to mid-term, although he couldn't confirm whether it would turn into a permanent position.