Sir Alan Sugar has stepped down as chairman of Amstrad, the company he founded in 1968 and sold to BSkyB in 2007.

However, according to a BBC online report, he insists that he is not retiring but felt it was the right time to step down.

He will continue with his other businesses that include Amshold, Amsprop, Amsair and Viglen computers.

The 61-year-old entrepreneur has in recent years become a TV personality as the star of the BBC reality show The Apprentice.

"The past 40 years have seen Amstrad grow from a start-up business to the success story that it is today, which is credit to the talented and loyal team here," he told the BBC.

"This is a move that has been planned for a while and it's the right time for me to step down from my role at Amstrad."