Primark owner poaches Marks & Spencer director for top finance job NEW JOB Primark owner Associated British Foods has nabbed Marks & Spencer’s CFO Eoin Tonge for its top finance job. Associated British Foods said that its current finance director John Bason will step down from the board, with Tonge stepping into his shoes no later than February 2023. Tonge also holds the position of chief strategy officer [...]
Marks & Spencer profit dented as Ocado joint venture books £0.7m loss COST OF LIVING CRUNCH Marks & Spencer’s half-year profit slid on Wednesday after it said its joint venture with online grocer Ocado had suffered a £700,000 loss. In half-year results to 1 October, M&S said its group profit before tax was £205.5m, versus a £269.4m sum the previous year. Bosses pointed to a lack of business rates relief compared [...]
Marks & Spencer’s CFO urges Chancellor Rishi Sunak to firmly reject online sales tax Retail tax Marks and Spencer has reportedly warned the Government that an online sales tax would do more harm than good for the high street. In February, the Government launched a consultation into possibilities for an online sales tax to ease the business rates burden on high street stores. In a letter to Chancellor Rishi Sunak, reportedly [...]
Marks & Spencer’s top 10 festive favourites: slow-cooked turkey, shortbread snow globes, light-up gin and shapewear to hold it in! January 12, 2023 Marks and Spencer saw a record Christmas trade during the latest festive period, with a record £80m sales alone on 23 December, the last Friday before Christmas. Incoming CEO Stuart Machin can also take comfort in a 7.2 per cent rise in the clothing and home category to £3.6bn. But it was the retailer’s Christmas [...]
Marks & Spencer snaps up logistics firm Gist for £145m to take control of food supply chain July 21, 2022 Marks and Spencer has acquired the logistics provider to its food arm for £145m, with the supermarket “taking control of our food supply chain for the first time in our history.” The premium supermarket said on Thursday the acquisition from Storeshield, owned by The BOC Group, would aid its multi-year plan to modernise its food [...]
Marks & Spencer pushes further into tech as high street giant extends 15-year old pact with Flooid July 18, 2022 UK high street retailer Marks & Spencer confirmed this morning it has extended its agreement with Flooid for the provision of store point-of-sale and unified commerce platform basket services for up to another five years. Flooid, formerly PCMS Group, agreed with Marks & Spencer in 2007 to supply software to run point-of-sale and self-checkouts across [...]
Marks & Spencer buys stake in Nobody’s Child as it seeks to broaden clothing appeal November 23, 2021 Marks & Spencer has acquired a 25 per cent stake in affordable fashion brand Nobody’s Child, as it hopes to revive its clothing division. The investment is part of the retailer’s brands strategy which uses different models including wholesale agreements, exclusive collaborations, equity investments, and strategic acquisitions, including a purchase of Jaeger earlier this year. [...]
New York-based Apollo Global Management mulls buyout of Marks & Spencer November 22, 2021 Private equity giant Apollo Global Management is reportedly mulling a buyout of UK high street staple Marks & Spencer.
City rumour mill grinds around possible mega private equity offer for Marks & Spencer November 22, 2021 As shoppers prepare for a black Friday spree, the bargain hunt for good value UK companies continues for private equity firms. The rumour mills are now grinding around a possible bid by Apollo Global Management for UK high street staple Marks & Spencer, sending shares 3 per cent higher in early trade. The New York-based private equity giant [...]
Marks & Spencer stores stop selling suits as shoppers opt for casual wear August 31, 2021 More than half of Marks & Spencer stores across the country have stopped stocking suits as office working falls out of fashion. Just 110 out of the retailer’s 254 clothing stores are still selling suits as consumers opt for more relaxed outfits in the wake of coronavirus lockdowns. Shoppers bought 2m men’s suits in the [...]