McCarthy left school when he was 15 and joined footwear retailer Stead & Simpson as a full-time sales assistant and progressed to store management positions.

[4] At the end of 2006, McCarthy headed a consortium of investors that acquired House of Fraser and he was appointed executive chairman.

[5] In May 2011, in the aftermath of the financial crisis in 2008, McCarthy and his team secured the replacement of the company's debt with a long-term bond.

[6] He then led negotiations with Yuan Yafei, the chairman of Chinese conglomerate Sanpower, which in July 2014 acquired 89% of the shares in House of Fraser through its subsidiary Nanjing Cenbest.

[14] McCarthy was appointed Commander of the Order of the British Empire (CBE) in the 2017 New Year Honours for services to business and philanthropy.