Brokers look for continuity at M&S

Panmure Gordon stuck to its buy advice head of the retailer’s prelims the week after next.

The broker said: “Although the company has said that the resignation was not planned for, we think that M&S is likely to attract strong candidates for the finance director role quickly, given its position in the FTSE and its number one position in clothing market share. We also think that the prospect of working with Marc Bolland, whose record at Morrisons is well regarded, could prove to be an attraction for potential candidates.”

However, Arden Partners said: “The timing of the announcement was hardly ideal - just a day after Bolland started as chief executive -as it will complicate the process of his transition and induction.”