// M&S chairman Archie Norman bolsters his stake in the retailer by buying more shares
// He bought approximately 55,000 M&S shares at around £100,000
// It comes after M&S lost its place in the FTSE 100 index this month
Marks & Spencer chairman Archie Norman has bolstered his stake in the bellwether retailer by buying £100,000 worth of additional shares.
Norman snapped up 55,000 M&S shares for the price tag of around £100,000, increasing his stake in the retailer to just below 150,000 shares.
This equates to a value of £270,000 at the time of print.
His acquisition of the additional shares comes after M&S was demoted from the FTSE 100 earlier this month.
- M&S poaches Morrisons’ operations exec as store director
- M&S clothing & home supply chain director exits
- M&S CFO Humphrey Singer exits
M&S have also been trading at their lowest level in several years.
Meanwhile, in the past week two key senior exits were announced – with chief financial officer Humphrey Singer and clothing & home supply chain director Gordon Mowat both exiting M&S.
Their exits follow M&S’s managing director Jill McDonald being ousted in July as the clothing and home division that she led had an underwhelming financial performance under her tenure.
M&S’s group chief executive Steve Rowe has since taken charge of the home and division department, but the retailer’s food division continues to be led by Stuart Machin.
On Tuesday, M&S is expected to reveal details about some of the steps being taken as part of its turnaround revival scheme, which is being led by Rowe and Norman.