As a result, a new role of chief executive officer has been created by Alphabet in the UK and will be assumed by current chief operating officer Richard Schooling. Further announcements about Alphabet’s new UK management team will follow.

Schooling said: 'This is an exciting time for Alphabet. Following a period of sustained growth we are moving forward to deliver an even greater level of service to our customers. We are also stepping up a gear in our product and service offerings to meet the needs of the future.'