All four board members at Marchpole, the menswear distributor, have resigned after a dispute between shareholders and directors.

The resignations followed a 10-month campaign by a group of shareholders, led by clothing entrepreneur Harold Tillman and Michael Morris, a former Marchpole CEO, to gain control of the board.

John Gilliatt, non-executive chairman, Khosrow Tahmasebi, the chief executive, deputy chairman and finance director, Hilary Santell, product director, and Derek Boothman, a non-executive director, were ousted by the group.

Marchpole, licensee of Yves St Laurent and Jasper Conran menswear, has reported a 23 per cent increase in pre-tax profits for the year to March 13.

Turnover fell from £29.6m to £26.7m.

Tony Caplin, who has been appointed non-executive chairman, said he intends to move the company into the market for luxury branded goods.

Insiders say one of the company's moves now could be to sell its Yves St Laurent menswear licensee business back to Gucci.