Galen Weston, the billionaire Canadian whose father bought Fortnum & Mason in 1951, has stepped down as a director of the elite department store.

The 71-year old, who is also chairman of Selfridges, which he bought in 2003, had been a director of Fortnum since 1991. Weston is estimated to have a net wealth of about $7.1bn according to Forbes, making him the 133rd richest person in the world.

He inherited the George Weston food and retail empire, founded by his grandfather, in 1982 and became a successful businessman in his own right as longstanding boss of Canadian supermarket chain Loblow.

Weston’s sister Camilla Dalglish, 73, has also stepped down as a director.

In addition to owning Selfridges and Fortnum, the Weston family has a major stake in Associated British Foods.