Marks & Spencer chair Archie Norman snaps up more shares

Norman bought approximately £100,000 of M&S shares, which have been trading at their lowest level in several years.

His purchase of 55,000 shares took his total holding to just under 150,000, worth about £270,000 at the time of buying.

Norman’s increased shareholding comes ahead of a Marks & Spencer capital markets morning next Tuesday when the retailer is expected to detail some of the practical steps being taken as part of its turnaround programme.

The retailer lost its place in the blue-chip FTSE 100 index earlier this month and is in the middle of a revival programme led by Norman and chief executive Steve Rowe.

Changes have been evident at the retailer’s food business, led by Stuart Machin, where new formats are being tested, value for money has been emphasised and M&S is preparing to its groceries sell online for the first time following the creation of a joint venture with Ocado.

However, mistakes at the troubled clothing division, where performance suffered because of poor availability of popular lines, have continued to hold recovery back.

In July, clothing supremo Jill McDonald left and Rowe took direct charge of the apparel business.

This week, Retail Week revealed that clothing director of supply chain and logistics for clothing and home Gordon Mowat is also exiting, to be replaced on an interim basis by Rowe’s executive assistant Stephen Fitzgerald.