Sir Stuart Rose will attempt to diffuse the latest Marks & Spencer boardroom fallout by selling his stake in Martha Lane Fox’s karaoke business Lucky Voice.

The M&S chief executive came under fire from the Association of British Insurers (ABI), which raised questions over corporate governance standards after he invested in the company run by Lane Fox, who is also an independent director in M&S. The ABI and other investors questioned whether Lane- Fox could remain truly independent in light of the investment from Rose.

Rose said: “She is a very independent-minded woman. She’s not the sort of character who would be swayed by a £100,000 investment in her business.”

He added: “I have unwound my investment in Lucky Voice. Perhaps I should have called it Unlucky Voice.”

The row came just weeks after the major backlash following Rose’s promotion to the dual role of chief executive and executive chairman of M&S.

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