Lawrence Jones has stepped down as the boss of UKFast in the wake of allegations of sexual misconduct and bullying of staff.

The 51-year-old tycoon strenuously denies the claims - published last week in the FT - branding them 'false and malicious'.

On Wednesday, Mr Jones released a statement via his lawyer announcing his decision to step down as CEO of UKFast, which is based on Princess Parkway in Manchester.

It is understood Mr Jones' wife Gail Jones, managing director and co-founder of the cloud computing firm, will take over the role.

"I have decided to step down as CEO of UKFast and take a leave of absence," Mr Jones said.

"A number of false and malicious allegations have been made against me and I am absolutely determined to ensure that they are fully investigated so that my name can be cleared.

"The interests of the employees, clients and investors in the business are paramount and much more important than any one individual.

"In the meantime, I am confident that the business will continue to grow and prosper."

UKFast employs around 400 people and the office has a giant slide on the outside of the building from the top floor to the entrance and there is a gym, giant chess board and beers served at a bar on Friday nights.

The company had £50m turnover last year with profits of more than £7m. It provides cloud hosting solutions to more than 5,000 small and medium enterprises.

Mr Jones is one of the north west's best-known businessmen and was awarded an MBE by the Queen for services to the digital economy in 2015.

Last year he was appointed an ambassador to the High Sheriff of Greater Manchester.

He has also established the UKFast Community and Education Trust, which aims to help children from disadvantaged backgrounds.