One of Supergroup’s most senior directors has been forced to quit the clothing retailer after being declared bankrupt.

In a move that took the City by surprise, the company behind the Superdry fashion brand said its finance chief, Shaun Wills, had immediately stepped down after telling the board on Tuesday he was insolvent.

Supergroup did not provide any detail on what was behind Wills’s bankruptcy, which was declared two weeks ago. Wills joined the retailer three years ago from Habitat.

In brief statement, the company said: “This is a personal matter, on which SuperGroup will not comment further, and is wholly unrelated to the financial position of the company.

“Trading remains in line with previous guidance.”

Shares in the company fell 3.5% to to 978.5p.

Supergroup said that Nick Wharton, the former chief executive of Dunelm Group, had been appointed as interim chief financial officer.

It is the second senior departure in a fortnight, after the company announced on 12 February that its chief operating officer, Susanne Given, was leaving immediately to “explore other opportunities”.

Supergroup said that Given’s responsibilities would be taken on by existing members of the executive team.

The company bounced back from a profits warning in October to report a strong Christmas trading period under its new chief executive, Euan Sutherland, the former chief executive of Co-op Group.