The boss of Primark has resigned after admitting an “error of judgement” in his behaviour towards a woman in a social environment.

Paul Marchant stepped down as chief executive of the high-street fashion brand with immediate effect following an investigation.

Primark‘s parent firm, Associated British Foods (ABF), said he had co-operated with the investigation, and “acknowledged his error of judgment and accepts that his actions fell below the standards expected by ABF”.

“He has made an apology to the individual concerned, the ABF board and also to his Primark colleagues and others connected to the business,” the firm added.

The group’s overall chief executive George Weston said he is “immensely disappointed”.

“At ABF, we believe that high standards of integrity are essential,” he said in a statement.

“Acting responsibly is the only way to build and manage a business over the long term.

“Colleagues and others must be treated with respect and dignity.

“Our culture has to be, and is, bigger than any one individual.”

ABF’s finance director Eoin Tonge will take over as chief executive on an “interim basis” – and his role will be taken up by Joana Edwards, the group’s financial controller.

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The group’s statement added it “seeks to provide a safe, respectful, and inclusive work environment where all employees and third parties are treated with dignity and respect”.

“Primark is committed to doing business the right way at all levels of the company,” it said.

ABF promised to continue supporting the woman who made the complaint.

Primark results due soon

The group will still publish its interim results for the financial year as planned on 29 April, according to its statement.

In January, ABF reported an uncharacteristic decline in like-for-like sales at Primark across the UK and Ireland.

Sales at the store fell by 6% – with Primark saying it expects “low single-digit” sales growth for 2025 as a result – down from mid single-digit levels in November 2024.

Speaking at the time, Russ Mould, investment director at AJ Bell, said: “If Primark is struggling, you know the UK retail sector is in trouble.”

Stock markets have plummeted as the 2 April implementation day of US tariffs ticks closer.

Benchmark stocks in Asia were rattled at the lack of progress in halting US President Donald Trump’s taxes which are due to come into force on US imports from Wednesday.

After delays, 25% tariffs are to be levied on all cars entering the US on what Mr Trump has called “liberation day”.

Trade barriers are also expected to be announced on countries deemed to be giving the US a bad deal on trade.

In Japan, the Nikkei stock index lost nearly 4% at points before closing 3.86% down, while Korea’s Kospi index dropped 2.83%.

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European markets followed suit with the UK’s FTSE 100 list of most valuable London Stock Exchange companies down 1%, falling to a more than two-week low.

The larger FTSE 250, which contains more companies based in the UK, lost a large 1.55%, dipping to a level last seen in nearly a year.

Not since late April last year was the index at such a low.

The UK government has been trying to negotiate an exemption with the US government to prevent UK exports from being hit by the tariffs but has so far been unsuccessful.

Germany’s Dax, France’s CAC 40 and the European-wide Stoxx all opened lower.

Gold has reached another record high price as investors put money into investments perceived as safer than some stocks.

There’s been little change in the pound as it has remained around the $1.29 mark, seen over the last 10 days.

Donald Trump’s dreams of hosting golf’s Open Championship at his Turnberry course in Scotland will not be realised until the course is logistically and commercially viable, the game’s governing body has said.

Mark Darbon, chief executive of the R&A, told Sky News Turnberry is a “challenging” venue and, despite suggestions of diplomatic pressure from London and Washington, it has no immediate plans to schedule a championship at the Ayrshire venue.

Mr Trump has made no secret of his desire to return the Open to a course he bought in 2014, with his son Eric Trump leading efforts for it to stage a first championship since 2009.

Sources close to Mr Trump’s golf interests have told Sky News the Open would be a valuable bargaining tool in the UK’s trade negotiations with the US, and the King went as far as to mention Turnberry in the invitation for a state visit hand delivered by the prime minister last month.

In his first broadcast interview since becoming chief executive last November, Mr Darbon said logistics and finances currently rule out a course that may have been outgrown by the demands of a modern Open.

“The area where there’s a bit of challenge is around the logistical and commercial side. The last time we were at Turnbury in 2009 we had 120,000 people there,” he said.

“These days a modern Open caters for 250,000 people-plus, and so we need the road and rail infrastructure to get our fan base there. We need hotel accommodation for the 60,000 bed nights we need to stage our championship and it’s challenging at that venue.”

Mr Darbon did not deny there was pressure to consider Turnberry, and indicated that politics, and the prospect of Mr Trump overshadowing any event, would also be a factor.

“We need to be confident that the focus will be on the sport and we need to ensure that the venue works for our requirement,” he added.

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Competition for Turnberry is likely to increase from larger, less remote facilities.

The R&A draws Open venues from a rota of courses, with Royal Portrush staging this year’s championship following a sellout return after almost 70 years in 2019. Mr Darbon confirmed Portmarnock near Dublin is being actively considered for the first-ever Open outside the UK.

Maximising income from the Open matters because the R&A, which governs the game everywhere save the US, uses the revenue to fund a grassroots game still enjoying a post-COVID boom.

“We work with over 140 countries around the world, and in those markets there are now more than 62 million golfers, more than ever before,” Mr Darbon said.

“Some 40-odd million are playing golf regularly on nine and 18-hole golf courses, another 20 million are playing what we would call non-traditional formats like driving ranges, adventure golf, simulator golf. So the game is actually in rude health and our job is to continue to foster that and support it over time.”

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He is optimistic too that an end may be in sight for golf’s own trade war, between the US PGA Tour and the Saudi Arabian-funded LIV Golf league, a multi-billion dollar schism in the men’s professional game that has enriched scores of players while alienating many fans.

“There’s been too much talk about cash and not enough talk about competition and courses and all the other wonderful things that underpin our sport. So we’re optimistic for some positive change on that front. We’re not a negotiating table, but our job is to try and influence those discussions,” he said.

The Open and golf’s other major championships, including next month’s Masters, have benefitted from the dispute as the only platforms for all of the best male players, and Mr Darbon says the game retains its lucrative appeal to business & sponsors.

“I think golf is maintaining its commercial appeal and I think there are a number of things that support that,” he said.

“The game has a really rich history and heritage, the values of the sport are really strong, and brands of businesses can continue to tell really rich stories about the game of golf that links to their own products and services. On top of that, golf has a genuinely global audience.”

Among them is the world’s most powerful man, his ambitions to host the Open still unfulfilled.