A millionaire retail tycoon who ran Magnet, MFI, American Golf and Bathstore has died suddenly at the age of 69.

Gary Favell passed away in Ibiza last month, his heartbroken family revealed.

He remained CEO of Lights4fun until his death on May 3 and he is survived by his sons Harris, who followed him into business and Charles, who recently graduated from Imperial College London with a master's degree in Mathematical Finance.

Harris, who worked with his father at a number of businesses, said he was 'taken too soon'.

He said as the tributes poured in from those who worked worth him: 'Hearing words of this nature for my Old Man is always bittersweet. A feeling of pride to have had him as my Dad, but also the stark reminder that he is tragically no longer with [us] and taken too soon.'

Gary Favell passed away in Ibiza on May 3, aged 69, survived by his wife Anna and their children.

He held senior positions at leading UK retailers over many decades, beginning at Harris Queensway.

Next was Magnet Kitchens followed by MFI, Bathstore, American Golf and then most recently Lights4fun.

In a death announcement his family said he was 'devoted family man' and found 'great happiness' in Ibiza later in life.

'He was funny, generous and loyal. Everything he built, he built with them in mind. In later years, Gary found great happiness in Ibiza, a place that became deeply special to him and his family,' they said.

'It is there that he now rests, in a place filled with so many happy memories. His legacy will live on in the family, the life he built, the people he inspired, the careers he shaped, the company cultures he helped to create, and the memories made along the way.'

People who worked with him described his fun and kind nature.

In a statement Lights4fun said: 'Gary was known for his warmth, he was generous with his time, and he had that rare ability to make everyone feel valued. He believed in people, he backed them, mentored them, and gave everyone confidence to grow and become the best versions of themselves.

'At Lights4fun, Gary fostered a culture of ambition, collaboration, and kindness, which is now deeply woven into the fabric of the business, and he demonstrated it always with authenticity and humility.

'He has been fundamental to the success of the business and development of its people over recent years.

'Everyone at Lights4fun extends their heartfelt condolences to his wife, Anna, his family and loved ones, who he cared so deeply about and built everything with them in mind. He meant a great deal to a lot of people, and he will be deeply missed.

'His legacy will live on in the people he inspired, the careers he shaped, and the culture he helped to build.'