James Caan stands down as Chairman of Start Up Loan company after three years

In an official statement Caan said: ‘I am immensely proud of what has been achieved to date.’

Caan tweeted to his 152,000 followers: ‘An emotional day for me as I officially step down as chairman. The best three years of my life.’

Caan’s departure came just days before it emerged he had been embroiled in a row with venture capital boss Julie Meyer.

Meyer is believed to have fallen out with Caan after a deal between the Government-backed organisation and her firm Ariadne Capital, which administered some of its funds, ended up being contested in court.

The Start Up Loans Company said the new chairman would be Caan’s deputy, Luke Williams.

A spokesperson for the Start Up Loans Company said Caan’s departure was ‘definitely not’ connected with the Meyer case, and added: ‘The court found in the Start Up Loan Company’s favour and James did not really have any direct involvement.’

The Start Up Loan process has lent over £100M to over 20,000 new start businesses with loans between £500 and £25,000 to date.

Speaking at the launch of the government backed company the Prime Minister David Cameron said: StartUp loans are a fantastic opportunity for young people, not only to get the financial support they need, but also to give them the confidence to believe they can do it, that they can turn that of an idea into the next global brand.