Billionaire retailer Solomon Lew has sacked the head of its kids stationery chain Smiggle for alleged “serious misconduct” months before he was due to leave for another retail group.

Mr Lew’s listed investment company Premier Investments announced on Monday in a short statement that Smiggle chief executive John Cheston has been asked to leave the business early because of “serious misconduct and a serious breach of his employment terms”. Mr Cheston denies any wrongdoing.